Australia

Conduct, Culture & Accountability

Aussie Banks Adopt Safeguards Against Unfair Debt Collection Practices

By Editors | 21/11/2019

The move comes after hundreds of vulnerable debtors who have had their homes put at risk in bankruptcy court this year over relatively small debts.

Supervision & Enforcement

CBA’s CommInsure Faces A$1.85mn Penalty for Unsolicited Sales Calls

By Editors | 21/11/2019

The penalty will be in addition to the A$12mn CommInsure has said it will pay to 30,000 policyholders to remediate telephone sales conduct issues.

Capital Adequacy

APRA Consults on Revised Leverage Ratio Requirements

By Editors | 21/11/2019

APRA intends to adopt BCBS revisions to the leverage ratio standard and disclosure requirements, and allow IRB ADIs to adopt modified SA-CCR early for public disclosure.

Fraud, Scams & Cybercrime

Former NAB Branch Manager Sentenced for Home Loan Referral Fraud

By Editors | 21/11/2019

Mathew Alwan was permanently banned by ASIC last year and pleaded guilty to ‘intention to defraud’ earlier this year for making false or misleading statements to NAB.

Supervision & Enforcement

APRA ‘Heatmaps’ to Expose Underperforming Super Funds

By Editors | 20/11/2019

The heatmap is designed to emphasise underperformance, not to be used as a peer ranking mechanism or give a pat on the back to better-performing superannuation products.

Conduct, Culture & Accountability

APRA’s New Approach to Managing Non-Financial Risks

By Editors | 20/11/2019

APRA has published a new information paper setting out a tougher approach to lifting standards of governance, culture, remuneration and accountability across the financial industry.

Anti-Money Laundering

AUSTRAC Commences Legal Action Against Westpac for AML Breaches

By Editors | 20/11/2019

According to AUSTRAC’s statement of claim, each of the 23 million contraventions attracts a civil penalty between A$17mn and A$21mn.

Conduct, Culture & Accountability

ASIC Formalises Adviser Relief from Compliance Scheme Obligations

By Editors | 19/11/2019

The relief is granted through a legislative instrument that state that the suspension of the compliance scheme framework applies until 31 October 2022.

Structural Regulation

Australia Consults on Financial Market Infrastructure Regulatory Reforms

By Editors | 19/11/2019

The proposed reforms will enhance the licensing and supervisory regime for financial market infrastructures and introduce a resolution regime for clearing and settlement facilities.