Australia

Payments & Settlements

Westpac to ‘Proactively’ Switch Merchants to Least Cost Routing

By Editors | 06/08/2020

The RBA has signalled it was considering taking regulatory action to force banks to move faster in moving merchants from Mastercard and Visa to lower cost networks.

Clearing & Post-Trade

ASX Concludes Consultation on CHESS Replacement Timeline

By Editors | 05/08/2020

A four-week consultation on a new timeline for the CHESS replacement project has found that 91% of users can be ready by April 2022.

Conduct, Culture & Accountability

CBA Increases Remediation Provisions Ahead of Full-Year Results

By Editors | 05/08/2020

Customer remediation provisions have been increased by A$300mn, bringing CBA’s total remediation bill to A$834. The full-year results are due on 12 August.

Fraud, Scams & Cybercrime

Australia: Former Financial Adviser Jailed for Six Years

By Sanday Chongo Kabange | 04/08/2020

Graeme Walter Miller was sentenced to six years’ imprisonment for misappropriating close to A$2mn for his own purposes.

Structural Regulation

Australia Consults on Reforms to Foreign Investment Framework

By Editors | 03/08/2020

Foreign investors will face national security checks regardless of the value of their investments, subject to enhanced monitoring, investigative and enforcement powers of the Treasury.

Fraud, Scams & Cybercrime

ATO Commences Pilot Audit of Early Super Withdrawal Scheme

By Editors | 03/08/2020

The tax office is contacting Australians who withdrew their superannuation funds early to assess if the need was genuine, and whether they should be penalised.

Conduct, Culture & Accountability

NAB to Stop Dealing with Unlicensed Debt Management Companies

By Sanday Chongo Kabange | 02/08/2020

NAB says it wants to ensure vulnerable customers are appropriately and professionally supported, either directly by the bank or an accredited representative of their choice.

Conduct, Culture & Accountability

ASIC Tightens Timeframe for Complaints Handling in Financial Sector

By Editors | 30/07/2020

Superannuation trustees have 45 days to respond to a complaint, compared to 90 days previously. Other financial services and credit providers have 30 days.

Structural Regulation

Reserve Bank of New Zealand Bill Introduced in Parliament

By Editors | 30/07/2020

The Bill focuses on reforming RBNZ’s overall institutional, governance, accountability, and funding arrangements, effectively updating 30-year-old legislation.