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Enforcement
Australia Passes Bills to Enhance Consumer Protections, Strengthen ASIC
By Editors | 10/02/2020
The bills introduce a best-interests duty for mortgage brokers, ban unfair contract terms in insurance, and enable ASIC to more effectively enforce existing laws.
Market Infrastructure
RBA Considers Mandating ‘Least Cost Routing’ – Reports
By Editors | 07/02/2020
Forcing banks to route payments through EFTPOS rather than Visa or Mastercard could save retailers an estimated A$500mn a year.
Enforcement
Banks Against Penalties Proposed in New Accountability Regime
By Editors | 07/02/2020
Australia’s new Financial Accountability Regime will subject accountable persons to penalties up to A$1.05mn per breach, or three times the benefit derived or detriment avoided, whichever is higher.
Enforcement
AMP Ordered to Pay A$5m Penalty for Insurance Churn
By Editors | 06/02/2020
A federal court ordered AMP to pay a A$5.175 penalty for failing to prevent its financial planners from engaging in insurance churn for higher commissions.
Fintech / Regtech
ACCC Publishes Final Data Sharing Rules for Open Banking
By Editors | 06/02/2020
The Consumer Data Right Rules give legislative force to consumer requests for banks to share their data with accredited data recipients.
AML / KYC
US Law Firms Launch New Class Actions Against Westpac
By Editors | 04/02/2020
The class actions seek damages for investors who lost money on Westpac ADRs following the civil penalty orders filed against the bank by AUSTRAC last November.
Market Infrastructure
New Zealand Consults on Options to Increase FMA Funding
By Editors | 03/02/2020
Under the base case, the FMA needs an additional NZ$20mn in annual funding to respond to cost pressures brought on, in part, by the new financial advice regime.
Market Infrastructure
Australia Drafts Laws on 22 Royal Commission Recommendations
By Editors | 03/02/2020
The draft legislation is aimed at enhancing protections for consumers and small businesses, and strengthening the role of ASIC and APRA.
Capital / Liquidity
APRA Publishes Strategic Priorities for the Year Ahead
By Editors | 31/01/2020
Chairman Wayne Byres says publishing APRA’s policy and supervision priorities supports the regulator’s commitment to greater transparency and accountability.
Market Infrastructure
RBNZ Endorses Official Cash Rate as Fallback Benchmark
By Editors | 31/01/2020
New Zealand will operate a dual interest rate benchmark system, retaining the Bank Bill Benchmark Rate and using the OCR as its fallback.
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