Australia

Conduct, Culture & Accountability

New Zealand Banks Commit to Ending Sales-Linked Incentives

By Editors | 25/06/2019

FMA chief executive Rob Everett and RBNZ governor Adrian Orr have confirmed that all banks have committed to removing sales incentives for frontline staff and their managers.

Conduct, Culture & Accountability

Australia: New Banking Code of Practice Set to Take Effect

By Editors | 25/06/2019

The ABA’s new Banking Code of Practice takes effect from 1 July. Lenders have welcomed the changes, but the FBAA says brokers shouldn’t sign the financial abuse declaration form.

Structural Regulation

New Zealand to Introduce Licensing Regime for Financial Advisers

By Editors | 24/06/2019

The new regime will require all New Zealand financial advisers to be licensed by the FMA, effective from June 2020.

Conduct, Culture & Accountability

Culture is Being Approached from the ‘Wrong Angle’

By Manesh Samtani | 20/06/2019

The risk culture expert ASIC engaged to observe bank boardrooms says the approach of judging culture moralistically needs to shift to a more proactive approach that assesses risk.

Supervision & Enforcement

ANZ in Compliance With Fees-For-No-Service Enforceable Undertaking

By Editors | 17/06/2019

ASIC is satisfied with ANZ’s compliance with a March 2018 court enforceable undertaking related to the bank’s fees for no service issue.

Supervision & Enforcement

APRA Uses New Directions Powers Against AMP Super

By Editors | 17/06/2019

AMP superannuation units have been ordered to make significant changes to their business practices, and to renew and strengthen their board.

Payments & Settlements

RBA Proposes Financial Penalties for Slow NPP Adoption

By Editors | 14/06/2019

The RBA recommends the introduction of an enforceable sanctions regime and possible financial penalties for NPP participants that do not support core capabilities within a specific period of time.

Anti-Money Laundering

AUSTRAC Orders Audit of Afterpay’s AML Compliance

By Editors | 14/06/2019

AUSTRAC has ordered ‘buy-now, pay-later’ service firm Afterpay to undergo an independent audit to its compliance with AML/CTF laws.

Capital Adequacy

APRA Issues First Round Response to Bank Capital Consultation

By Editors | 14/06/2019

The new framework will impose higher capital charges by applying higher risk weights on mortgage loans that are seen as more risky, especially interest-only or investor loans.