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ASIC Proposes Total Ban on Insurance Sales by Phone
By Editors | 21/07/2019
ASIC’s ban will protect consumers where sales issues and consumer harm have already been identified, ahead of wider legislative reform by the government.
Market Infrastructure
New Zealand FMA Assesses Financial Sector Cyber Resilience
By Editors | 18/07/2019
Market participants appear to be relying heavily on protective measures, while underinvesting in detection measures as part of their overall cyber-resilience, the FMA said.
Market Infrastructure
APRA Set for Dramatic Overhaul in Response to Capability Review
By Editors | 18/07/2019
Among the review’s recommendations are proposed veto powers to prevent the appointment or reappointment of “inappropriate” directors and senior executives at regulated entities.
Enforcement
Over 35,000 Complaints Received in Six Months: AFCA
By Editors | 17/07/2019
Over 60% of the complaints have been resolved, resulting in A$83mn in settlements. More than one-third of complaints were directed at banks.
Enforcement
ANZ, Citi, Deutsche to Defend Against Criminal Cartel Charges in September
By Editors | 12/07/2019
The government accuses the banks of forming a criminal cartel to either “directly or indirectly” restrict the supply of ANZ shares or maintain the price of ANZ shares.
Enforcement
ASIC Review Finds Widespread Mis-selling of Consumer Credit Insurance
By Editors | 12/07/2019
ASIC plans to take “significant enforcement action” against 11 lenders that inappropriately sold consumer credit insurance, and force remediation of over A$100m.
Enforcement
ANZ Agrees to Settle 2010 Fees-Related Class Action for A$1.5m
By Editors | 11/07/2019
Under the proposed settlement, which is subject to Federal Court approval, ANZ customers who were charged a fee for failing to make scheduled payments between two of their accounts will be able to claim refunds.
Capital / Liquidity
ASIC Defends Responsible Lending Guidance
By Editors | 11/07/2019
ASIC says the proposed responsible lending guidance is not about increasing requirements; rather, it seeks to clarify and update guidance on existing requirements.
Capital / Liquidity
APRA Orders A$500m Capital Charge for ANZ, NAB, Westpac
By Editors | 11/07/2019
The increase in capital requirements are to reflect weaknesses in operational risk management identified in the banks’ self-assessments.
Enforcement
ASIC to Target Short Term Credit Industry With New Powers
By Editors | 10/07/2019
Queensland-based Cigno and its associate, Gold-Silver Standard Finance, are the focus of ASIC’s proposed first use of its new product intervention power.
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