AUSTRALIA

Market Infrastructure

ACCC Chair Flags Lack of Competition in Retail Banking

By Editors | 19/09/2019

The ACCC’s Rod Sims said the lack of competition is not surprising in a market dominated by four players, where no other players have managed to make serious inroads to displace them.

Market Infrastructure

RBNZ, FMA Unimpressed by Insurers’ Inaction on Conduct Risk

By Editors | 18/09/2019

RBNZ governor Adrian Orr says the sector has failed to demonstrate the necessary urgency and prioritisation to provide effective governance and monitoring of conduct risk.

AML / KYC

UPDATED – ASIC, Federal Police Dismantle Online Fraud Syndicate

By Editors | 18/09/2019

The syndicate is said to have used fraudulently-obtained identities to steal millions of dollars from the superannuation and share trading accounts of innocent victims.

Securities / Derivatives

Chi-X Australia Launches Market-on-close Trading Solution

By Editors | 18/09/2019

The solution is said to be a potential game-changer for buy-side participants who need to place large orders benchmarked to closing prices.

Market Infrastructure

Australia Passes Bill to End Conflicted Remuneration Despite Pushback

By Editors | 16/09/2019

The Association of Financial Advisers says thousands of clients will be worse off without grandfathered commissions, and that financial advisers need more time to adjust.

Fintech / Regtech

Australia Establishes Senate Committee on Fintech, Regtech

By Editors | 16/09/2019

The committee will inquire into the opportunities of fintech and regtech, and benchmark Australia’s environment for innovation against comparable global regimes.

Market Infrastructure

Australia Issues Follow-up Paper on ISO 20022 Migration for Payments

By Editors | 14/09/2019

The paper summarises the responses from the April consultation and puts forward potential implementation options for consideration.

Enforcement

ASIC Bans Lending Model Found to Cause Consumer Detriment

By Editors | 13/09/2019

ASIC is using its product intervention power to end a practice that has to date enabled payday lenders to charge fees up to 1000% of the loan amount.

Enforcement

AFCA to Start Naming Financial Firms in October

By Editors | 13/09/2019

The move is aimed at increasing transparency and accountability in the financial sector, which will also enhance consumer confidence.