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Enforcement
ASIC Issues Second Update on Response to Royal Commission
By Editors | 13/09/2019
Of 105 investigations and court actions underway against financial institutions at the end of July, 86 related to the big four banks and AMP.
Market Infrastructure
ASIC Extends Licensing Relief for Foreign Firms Ahead of New Regime
By Editors | 12/09/2019
The extension of licensing relief allows foreign financial services providers just over six months to decide whether they will apply for the new foreign AFS licence.
Enforcement
AFCA Clarifies How it Will Assess Legacy Complaints
By Editors | 12/09/2019
AFCA ombudsman Shail Singh says legacy complaints will be assessed against laws, industry practices and applicable standards in force at the time of the misconduct.
Enforcement
ASIC to Appeal Westpac Responsible Lending Case Dismissal
By Editors | 11/09/2019
ASIC says last month’s federal court’s ruling in favour of Westpac creates uncertainty as to what is required for a lender to comply with its loan assessment obligations.
AML / KYC
AUSTRAC Order A$250,000 Fine Against Compass Global Holdings
By Editors | 11/09/2019
AUSTRAC says Compass Global Holdings failed to report international funds transfers between 2018 and 2019.
Securities / Derivatives
KiwiSaver Reform is Key to Boosting NZ Capital Markets: Report
By Editors | 10/09/2019
Sponsored by the FMA and NZX, an industry working group has recommended changes to the KiwiSaver scheme, saying it will become the predominant pool of retirement savings over time.
Capital / Liquidity
APRA, RBNZ Approaches to Bank Capital Incompatible
By Editors | 10/09/2019
Citi banking analyst Brendan Sproules says APRA and the RBNZ “are pursuing radically contrasting approaches to bank sector capital adequacy”.
Enforcement
ASIC Sues Regional Banks Over Unfair Loan Contracts
By Editors | 05/09/2019
ASIC says the terms in Bank of Queensland and Bendigo and Adelaide Bank loan contracts could cause detriment to small businesses.
Enforcement
Enforcement Actions Will Be Publicised, APRA Clarifies
By Editors | 04/09/2019
Publicising enforcement actions gives the community confidence that financial institutions are being held to account when they do the wrong thing, said APRA deputy chair John Lonsdale.
Market Infrastructure
ACCC Calls for Lower Fees, More Competition in FX Services
By Editors | 03/09/2019
An ACCC inquiry found that consumers continue to rely on the big four banks for FX services despite the availability of much cheaper alternatives.
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