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Conduct, Culture & Accountability
Australia Passes Bill to End Conflicted Remuneration Despite Pushback
By Editors | 16/09/2019
The Association of Financial Advisers says thousands of clients will be worse off without grandfathered commissions, and that financial advisers need more time to adjust.
Cloud & Infrastructure
Australia Establishes Senate Committee on Fintech, Regtech
By Editors | 16/09/2019
The committee will inquire into the opportunities of fintech and regtech, and benchmark Australia’s environment for innovation against comparable global regimes.
Payments & Settlements
Australia Issues Follow-up Paper on ISO 20022 Migration for Payments
By Editors | 14/09/2019
The paper summarises the responses from the April consultation and puts forward potential implementation options for consideration.
Structural Regulation
ASIC Bans Lending Model Found to Cause Consumer Detriment
By Editors | 13/09/2019
ASIC is using its product intervention power to end a practice that has to date enabled payday lenders to charge fees up to 1000% of the loan amount.
Conduct, Culture & Accountability
AFCA to Start Naming Financial Firms in October
By Editors | 13/09/2019
The move is aimed at increasing transparency and accountability in the financial sector, which will also enhance consumer confidence.
Supervision & Enforcement
ASIC Issues Second Update on Response to Royal Commission
By Editors | 13/09/2019
Of 105 investigations and court actions underway against financial institutions at the end of July, 86 related to the big four banks and AMP.
Structural Regulation
ASIC Extends Licensing Relief for Foreign Firms Ahead of New Regime
By Editors | 12/09/2019
The extension of licensing relief allows foreign financial services providers just over six months to decide whether they will apply for the new foreign AFS licence.
Conduct, Culture & Accountability
AFCA Clarifies How it Will Assess Legacy Complaints
By Editors | 12/09/2019
AFCA ombudsman Shail Singh says legacy complaints will be assessed against laws, industry practices and applicable standards in force at the time of the misconduct.
Conduct, Culture & Accountability
ASIC to Appeal Westpac Responsible Lending Case Dismissal
By Editors | 11/09/2019
ASIC says last month’s federal court’s ruling in favour of Westpac creates uncertainty as to what is required for a lender to comply with its loan assessment obligations.
Anti-Money Laundering
AUSTRAC Order A$250,000 Fine Against Compass Global Holdings
By Editors | 11/09/2019
AUSTRAC says Compass Global Holdings failed to report international funds transfers between 2018 and 2019.
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