Australia

Credit Risk

ASIC Launches Court Proceedings Against Volkswagen Financial Services

By Editors | 24/12/2019

ASIC says Volkswagen contravened the responsible lending provisions of the National Credit Act in relation to 49,380 loan contracts.

Emerging Prudential Risks

APRA Issues 2nd Consultation Package on Superannuation Data Collection

By Editors | 24/12/2019

APRA has released two topic papers addressing the most urgent gaps in its data collection, particularly for choice products and investment options.

Conduct, Culture & Accountability

Governance, Accountability in Focus in Phase Two Review of RBNZ Act

By Editors | 23/12/2019

The government will progress a number of key ‘in-principle’ decisions of the review by enacting two separate Acts to replace the Reserve Bank of New Zealand Act 1989.

Anti-Money Laundering

Westpac Faces Shareholder Class Action for Possible Disclosure Failures

By Editors | 23/12/2019

The class action, filed by law firm Phi Finney McDonald, will rest on whether Westpac breached disclosure obligations or misled investors about the extent of its AML compliance failures.

Credit Risk

APRA Modifies Large Exposures Framework for ADIs

By Editors | 23/12/2019

APRA has extended the exemption for government-related entities to connecting counterparties involving economic interdependence and control relationships.

Conduct, Culture & Accountability

ASIC Reports High Levels of FX Global Code in Wholesale Markets

By Editors | 23/12/2019

In a new report, ASIC highlights its observations of good and poor practices used by participants operating in the wholesale foreign exchange market.

Conduct, Culture & Accountability

ASIC Issues Draft Guidance on Product Design Obligations

By Editors | 21/12/2019

From April 2021, design and distribution obligations will require issuers to focus on meeting consumer needs when designing, marketing and distributing financial products.

Data Privacy

ACCC Delays Open Banking Launch for More Testing

By Editors | 20/12/2019

Under the new timeline, consumers can direct the major banks to share credit and debit card, deposit and transaction data from July 2020, and mortgage and personal loan data from November 2020.

Conduct, Culture & Accountability

Westpac Ordered to Pay A$9.15m Penalty for Poor Advice

By Editors | 20/12/2019

In addition to the A$9.15 million penalty, Westpac is required to pay ASIC’s legal costs, and A$12.7 million in compensation to clients that received bad advice from one of the bank’s adviser.