AUSTRALIA

Market Infrastructure

Climate Change Poses Financial Stability Risk – RBA

By Editors | 14/03/2019

Financial stability could be put at risk from the physical impact of climate change and “an abrupt disorderly transition” to a low-carbon economy.

Market Infrastructure

Australia Reverses Course on Mortgage Broking Trail Commissions

By Editors | 13/03/2019

Following strong industry backlash, the Australian government has decided not to prohibit trail commissions for mortgage brokers, and instead conduct a review into the issue in 3 years.

Market Infrastructure

ASX Proposes New Requirements for Clearing, Settlement Participants

By Manesh Samtani | 12/03/2019

ASX is consulting on new disaster recovery, business continuity and cyber resilience requirements for clearing and settlement participants.

Enforcement

Australian Banks Taking Too Long to Fix ‘Fees-For-No-Service’ Failings – ASIC

By Editors | 12/03/2019

Delays attributed to poor record-keeping and systems, failures to implement methodologies to identify and compensate customers, and an overly legalistic approach at some institutions.

Enforcement

AFCA Finalises Over 18,000 Complaints in Four Months

By Editors | 08/03/2019

Australia’s four months old ‘one stop shop’ for financial services dispute resolution has finalised 18,390 complaints, yielding more than A$54mn in awards to consumers and small businesses.

AML / KYC

APRA, AUSTRAC to Engage Regtechs on Solution Development

By Editors | 08/03/2019

APRA and AUSTRAC plan to directly engage and share information with regtech firms to aid in their development of solutions that can help regulated entities comply with reporting obligations.

Enforcement

ASIC to Automate Detection of Misleading Advertising Through AI

By Editors | 05/03/2019

ASIC is looking to engage with regtech firms to develop systems that use artificial intelligence to detect misleading advertising and spot disclosure problems in financial advice.

Capital / Liquidity

APRA Unveils 2019 Policy Agenda in New Paper

By Editors | 03/03/2019

Much of the focus will be on lifting industry standards on governance, remuneration, and the management of non-financial risks, said APRA chair Wayne Byres.

Enforcement

ABA to Amend Code of Practice to Implement Hayne Recommendations

By Editors | 01/03/2019

The Australian Banking Association will implement 7 Royal Commission recommendations through amendments to the Banking Code of Practice.