AUSTRALIA

Big Picture

Technology Driven Changes Afoot in the Australian Banking Sector

By Garima Chitkara | 07/05/2019

Open banking, digital banking, cloud-based infrastructure and RegTech are the key drivers of technology-led change in the Australian banking sector, according to S&P Global Ratings.

Australia Cracks Down on Cryptocurrency Tax Evasion

By Editors | 03/05/2019

The Australian Taxation Office is collecting data from cryptocurrency exchanges to feed into its data-matching technology to identify tax evaders.

Enforcement

Westpacs Provision Extra A$510mn for Customer Remediation

By Editors | 02/05/2019

Misconduct linked to the issues identified by the royal commission could cost Australia’s four largest banks up to A$10bn.

Market Infrastructure

APRA Revises Prudential Standard to Enhance Superannuation Outcomes

By Editors | 02/05/2019

The revisions will require superannuation licensees to review their performance, analyse member outcomes, and take action to address areas that require improvement.

Enforcement

New Zealand Proposes Ways to Improve Banking Conduct, Culture

By Editors | 30/04/2019

The proposed measures will put the consumer at the heart of decision-making and make good outcomes the bottom line, says Commerce and Consumer Affairs Minister Kris Faafoi.

Enforcement

Financial Planners Worry About AFCA’s Extended Powers

By Editors | 25/04/2019

The FPA says advisers are worried old cases will be judged against newer, stricter advice standards and they may not be covered by professional indemnity insurance.

Market Infrastructure

ISDA, FIA Respond to Singapore, Australia BMR Equivalence

By Manesh Samtani | 19/04/2019

The associations say a preferred approach would be to recognise Singapore’s and Australia’s regimes as a whole rather than the current benchmark-by-benchmark approach.

Enforcement

NAB Provisions Extra A$750mn for Customer Refunds

By Editors | 19/04/2019

The additional provisions reflect expected payouts for NAB’s employed advisers, and the costs to review advice provided by its self-employed adviser network.

Enforcement

APRA Adopts New, Tougher Enforcement Approach

By Editors | 17/04/2019

Under the new enforcement approach, APRA will be more willing to use its full range of powers to deter bad practices and hold entities and individuals to account.