Australia

Conduct, Culture & Accountability

FMA to Open Applications for New Adviser Licences in November

By Editors | 26/07/2019

Announced last month, the new licensing regime will require financial advisers to operate under a new transitional licence from June 2020.

Conduct, Culture & Accountability

ASIC Takes ANZ Bank to Court for Unlawful Fees

By Editors | 26/07/2019

ANZ charged fees on transactions between its customers’ own accounts, despite the fees only being applicable to transactions made to “another person or business”.

Liquidity Risk

APRA Orders Three Banks to Tighten Group Funding Arrangements

By Editors | 25/07/2019

Macquarie, Rabobank and HSBC had provisions in group funding agreements that could allow funding to be withdrawn in a stress scenario, potentially undermining their stability.

Conduct, Culture & Accountability

New Zealand FMA Sets Out Key Focus Areas, Strategic Objectives

By Editors | 24/07/2019

The FMA is prioritising governance, culture, systems and controls, as well as mechanisms to deter misconduct and facilitate informed decision-making by investors and customers.

Conduct, Culture & Accountability

APRA Proposes New Prudential Standard on Executive Pay

By Editors | 24/07/2019

Key proposals include limits on the financial performance component of variable compensation, a 7-year deferral period for executive bonuses, and claw back for up to 4 years.

Data Privacy

Australia to Re-Introduce Open Banking Legislation This Week

By Editors | 23/07/2019

The Australian Banking Association welcomes the re-introduction of the legislation, following a lapse earlier this year when the federal parliament was dissolved.

Conduct, Culture & Accountability

ASIC Proposes Total Ban on Insurance Sales by Phone

By Editors | 21/07/2019

ASIC’s ban will protect consumers where sales issues and consumer harm have already been identified, ahead of wider legislative reform by the government.

Cybersecurity

New Zealand FMA Assesses Financial Sector Cyber Resilience

By Editors | 18/07/2019

Market participants appear to be relying heavily on protective measures, while underinvesting in detection measures as part of their overall cyber-resilience, the FMA said.

Supervision & Enforcement

APRA Set for Dramatic Overhaul in Response to Capability Review

By Editors | 18/07/2019

Among the review’s recommendations are proposed veto powers to prevent the appointment or reappointment of “inappropriate” directors and senior executives at regulated entities.