Australia

Credit Risk

APRA Wants More Data on Lenders’ Property Exposures

By Editors | 25/09/2019

APRA is proposing to incorporate more detailed data on residential property exposures and new housing loan approvals in its QPEX statistical publication.

Supervision & Enforcement

APRA’s Authority Potentially Undermined by IOOF Court Loss

By Editors | 25/09/2019

APRA initiated court action against IOOF seeking to ultimately disqualify its executives from the industry, but instead the court dismissed the regulator’s case.

Anti-Money Laundering

AUSTRAC Orders AML/CTF Audit at PayPal Australia

By Editors | 24/09/2019

AUSTRAC’s order follows a self-reported issue PayPal detected in its reporting system for international fund transfer instructions, which it said it was working to remediate.

Conduct, Culture & Accountability

ClearView Completes Advice Remediation Programme

By Editors | 20/09/2019

Financial compensation totalling A$730,000 was offered to 215 clients who were harmed by poor advice, while another 21 clients received non-financial remediation.

Supervision & Enforcement

Australia Reintroduces Amnesty Bill for Unpaid Superannuation

By Editors | 19/09/2019

The bill will provide amnesty to employers who have underpaid superannuation up to 27 years ago, if they disclose their failures within two years and repay the full amount.

Structural Regulation

ACCC Chair Flags Lack of Competition in Retail Banking

By Editors | 19/09/2019

The ACCC’s Rod Sims said the lack of competition is not surprising in a market dominated by four players, where no other players have managed to make serious inroads to displace them.

Conduct, Culture & Accountability

RBNZ, FMA Unimpressed by Insurers’ Inaction on Conduct Risk

By Editors | 18/09/2019

RBNZ governor Adrian Orr says the sector has failed to demonstrate the necessary urgency and prioritisation to provide effective governance and monitoring of conduct risk.

Fraud, Scams & Cybercrime

UPDATED – ASIC, Federal Police Dismantle Online Fraud Syndicate

By Editors | 18/09/2019

The syndicate is said to have used fraudulently-obtained identities to steal millions of dollars from the superannuation and share trading accounts of innocent victims.

Trading & Investment

Chi-X Australia Launches Market-on-close Trading Solution

By Editors | 18/09/2019

The solution is said to be a potential game-changer for buy-side participants who need to place large orders benchmarked to closing prices.