AUSTRALIA

Fintech / Regtech

APRA Releases Finalised Guidance on Information Security

By Editors | 26/06/2019

The updated guidance is intended to help regulated entities comply with APRA’s new cross-industry prudential standard on information security, which comes into force on 1 July.

Capital / Liquidity

UPDATED – New Zealand to Introduce Bank Deposit Protection Regime

By Editors | 26/06/2019

The government is proposing a limit between NZD 30,000 and 50,000 for the deposit protection regime, which covers about 90% of individual bank deposits.

Market Infrastructure

APRA Extends Change of Ownership Powers to Super Sector

By Editors | 26/06/2019

From 5 July, any party seeking to acquire more than a 15% stake in a superannuation licensee will be subject to must apply to APRA first for approval.

Market Infrastructure

New Zealand Banks Commit to Ending Sales-Linked Incentives

By Editors | 25/06/2019

FMA chief executive Rob Everett and RBNZ governor Adrian Orr have confirmed that all banks have committed to removing sales incentives for frontline staff and their managers.

Australia: New Banking Code of Practice Set to Take Effect

By Editors | 25/06/2019

The ABA’s new Banking Code of Practice takes effect from 1 July. Lenders have welcomed the changes, but the FBAA says brokers shouldn’t sign the financial abuse declaration form.

Market Infrastructure

New Zealand to Introduce Licensing Regime for Financial Advisers

By Editors | 24/06/2019

The new regime will require all New Zealand financial advisers to be licensed by the FMA, effective from June 2020.

Market Infrastructure

Culture is Being Approached from the ‘Wrong Angle’

By Manesh Samtani | 20/06/2019

The risk culture expert ASIC engaged to observe bank boardrooms says the approach of judging culture moralistically needs to shift to a more proactive approach that assesses risk.

Enforcement

ANZ in Compliance With Fees-For-No-Service Enforceable Undertaking

By Editors | 17/06/2019

ASIC is satisfied with ANZ’s compliance with a March 2018 court enforceable undertaking related to the bank’s fees for no service issue.

Enforcement

APRA Uses New Directions Powers Against AMP Super

By Editors | 17/06/2019

AMP superannuation units have been ordered to make significant changes to their business practices, and to renew and strengthen their board.