Australia

Operational Risk

APRA Finalises Reporting Standard for Operational Risk Capital

By Editors | 04/03/2021

APRA has introduced a 35 day lag before data submitted for ARS 115.0 will become non-confidential, to ensure an ADI’s financial disclosures are published first.

Capital Adequacy

RBNZ Refines Principles Governing Insurance Solvency Review

By Editors | 04/03/2021

The RBNZ says it is confident that the revised principles are now robust, comprehensive and will guide the ongoing policy work on the review of solvency standards.

Fraud, Scams & Cybercrime

ASIC Charges Former Apogee Financial Adviser for Deception

By Editors | 03/03/2021

The ex-financial adviser obtained over A$1.5 million from Nulis Nominees, the trustee for the MLC Super Fund, on behalf of 168 clients.

Emerging Prudential Risks

RBNZ Policymaking Remit to Include Housing Price Sustainability

By Ranamita Chakraborty | 02/03/2021

The RBNZ will likely use prudential tools such as the LTV limits, bank stress testing, and capital requirements to deter certain types of mortgage lending.

Conduct, Culture & Accountability

Australia Passes Bill to Enhance Financial Advice Fee Disclosures

By Editors | 02/03/2021

Financial advisers will have to provide clients an annual, forward-looking summary of fees and corresponding services, in addition to existing disclosures.

Trading & Investment

Australian Senator Seeks to End Short Selling by Super Funds

By Editors | 01/03/2021

Senator Gerard Rennick says short selling practices are an example of how superannuation funds aren’t protecting the interests of their members.

Conduct, Culture & Accountability

ASIC Launches Suit Against CBA Units Over Compliance Failures

By Editors | 01/03/2021

Commonwealth Bank said the issues arose from errors such as IT system coding or systems issues, human error and/or data entry errors.

Anti-Money Laundering

NZ Real Estate Agent Reprimanded for AML Non-Compliance

By Editors | 01/03/2021

Property Brokers Limited is required to take immediate action to rectify all areas of non-compliance and will continue to be closely monitored by DIA officials.

Structural Regulation

Australia Passes Bill to Recover ‘Lost’ Superannuation for Members

By Manesh Samtani | 01/03/2021

Accounts transferred from Eligible Rollover Funds to the ATO will be proactively reunited with members’ superannuation accounts within 28 days.