Australia

Conduct, Culture & Accountability

Australia to Ban Grandfathered Conflicted Remuneration from 2021

By Editors | 19/10/2019

The bill to end the payment of grandfathered conflicted remuneration to financial advisers has now passed in the Senate, after passed in the House of Representatives last month.

Capital Adequacy

APRA Proposes Banks Hold More Capital Against Large Subsidiaries

By Editors | 18/10/2019

APRA proposes to increase the amount of capital banks need to hold to support investments in large subsidiaries, such as their New Zealand units.

Conduct, Culture & Accountability

Disclosure Can Contribute to Customer Harm: ASIC

By Editors | 17/10/2019

Disclosure can backfire in unexpected and harmful ways and should not be relied upon by itself to drive good consumer outcomes, ASIC says in a joint report with the Dutch regulator.

Conduct, Culture & Accountability

ASIC Grants Advisers Relief From Compliance Obligation

By Editors | 16/10/2019

ASIC will grant a three-year exemption from the obligation to ensure that financial advisers are covered by a compliance scheme, and from the associated notification obligations.

Conduct, Culture & Accountability

Australia to Form New Disciplinary Body for Financial Advisers

By Editors | 15/10/2019

The plan undoes months of effort by industry associations to form an independent body to monitor and enforce compliance with a new code of ethics for financial advisors.

Structural Regulation

ACCC to Probe Banks on Mortgage Pricing Decision-making

By Editors | 15/10/2019

The ACCC is commencing an inquiry to find out why banks are not fully passing on interest rate cuts to borrowers, and what prevents customers from switching to cheaper lenders.

Structural Regulation

ASX Announces Final Changes to Listing Rules

By Editors | 10/10/2019

The main changes relate to increased reporting, better and more timely disclosure by listed investment companies, and new measures to address listing rule breaches.

Anti-Money Laundering

Westpac Expected to Reveal New AML Provisions in Annual Report

By Editors | 09/10/2019

The bank disclosed since last year that it could be fined for nine years of AML failures, but it has not yet had enough information to make provisions against the possible penalties.

Conduct, Culture & Accountability

ABA Backs Proposal for Bank-Funded Financial Counselling

By Editors | 07/10/2019

A review of Australia’s financial counselling sector has recommended that the big four banks fund half of the initial contributions immediately needed to expand delivery of such services.