Australia

Credit Risk

ABA Outlines Plans for Next Phase of Pandemic Support

By Ranamita Chakraborty | 21/02/2021

No customer is going to wake up the day after 31 March and find that there is some legal action being taken by their bank on their loan, said ABA CEO Anna Bligh.

Structural Regulation

Australia Finalises Changes to Continuous Disclosure Laws

By Ranamita Chakraborty | 20/02/2021

The changes will discourage opportunistic class actions and protect companies from liability unless their officers have acted with “knowledge, recklessness or negligence”.

Fraud, Scams & Cybercrime

Australian Banks Facilitate Arrest of Phishing Tool Developer

By Ranamita Chakraborty | 19/02/2021

The developer of a phishing kit used to steal tens of millions of dollars from bank accounts in 11 countries has been arrested in Ukraine.

Structural Regulation

Australia Introduces ‘Your Future, Your Super’ Bill to Parliament

By Editors | 19/02/2021

Industry bodies ISA and AIST say the legislation doesn’t go far enough and are pushing for the legislation to be reviewed by a Senate Committee.

Conduct, Culture & Accountability

BEAR Has Brought Desired Culture Changes at Banks: Research

By Ranamita Chakraborty | 18/02/2021

New research from Macquarie University has found that the BEAR has changed behaviour and culture at banks for the better.

Clearing & Post-Trade

ASX Proposes Changes to Netting, Settlement Workflows

By Editors | 18/02/2021

The proposed changes will allow the CHESS replacement system to be scaled to much higher volume levels than previously envisaged, ASX said.

Conduct, Culture & Accountability

ASIC Seeks Penalties from CBA for Overcharged Interest

By Editors | 17/02/2021

Due to a systems error, CBA charged more than 1,510 customers a higher interest rate than they were advised, amounting to A$2.2 million in overcharged interest.

Conduct, Culture & Accountability

Australia: Licencing Regime for Debt Management Firms Wins Support

By Editors | 17/02/2021

The ABA suggests that ASIC be charged with supervising fee structures of debt management firms to further protect consumers, among other recommendations.

Conduct, Culture & Accountability

ASIC Issues Update on Advice Compensation Paid by Banks

By Editors | 16/02/2021

Australia’s largest financial institutions have paid over A$1.24 billion to compensate customers for fees-for-no-service misconduct and non-compliant advice.