Australia

Fraud, Scams & Cybercrime

ATO Warns of Penalties for Wrongful Early Super Withdrawal

By Editors | 21/06/2020

The ATO is using income tax returns and other data to ascertain whether applicants are in fact eligible. Those making false statements to meet the eligibility criteria will face penalties.

Conduct, Culture & Accountability

Australia Allows Advisers More Time to Meet Exam Requirement

By Editors | 18/06/2020

Advisers would have had until the end of this year to complete the new Financial Adviser Standards and Ethics Authority exam. A newly-passed bill allows an extra year to do so.

Structural Regulation

ASIC Guidance Sets Out Scope of Product Intervention Powers

By Editors | 18/06/2020

The product intervention power allows ASIC to respond to harms in the financial sector, but it must consult with affected persons before each use of the power.

Anti-Money Laundering

AUSTRAC Given Two Month Deadline for New Westpac Claims

By Editors | 17/06/2020

Separately, APRA has delegated enforcement powers to ASIC, allowing it to seek fines or banning orders if Westpac is found to have breached banking laws.

Payments & Settlements

ACCC Highlights Improved Price Transparency on FX Conversions

By Editors | 17/06/2020

An ACCC review last year found that a lack of pricing transparency forced consumers to rely on the more expensive big four banks for FX conversion and international money transfers.

Conduct, Culture & Accountability

FMA Sets Out Full Licence Conditions for NZ Financial Advisers

By Editors | 17/06/2020

In a consultation paper, the FMA specifies three distinct classes of financial advice provider licences, to allow applicants to apply for the licence that best suits their circumstances and business structures.

Conduct, Culture & Accountability

ASIC Directs Investment Funds to Correct False Advertising

By Editors | 16/06/2020

Investment funds were falsely being promoted as having little or no risk of capital loss, where higher returns were highlighted without adequate disclosures of risk.

Conduct, Culture & Accountability

ASIC Imposes Licence Conditions on Societe Generale Securities

By Editors | 16/06/2020

Societe Generale Securities Australia self-reported to ASIC that it deposited client money into unauthorised bank accounts.

Supervision & Enforcement

ASIC Expects Higher Industry Levies for 2019-20

By Editors | 15/06/2020

The two biggest levy components are enforcement and surveillance which are 27% and 47% higher year-on-year, respectively.