Australia

Conduct, Culture & Accountability

Westpac NZ Refunds 93,000 Customers for Incorrectly Charged Fees

By Editors | 07/08/2019

Westpac self-reported the incorrectly charged fees in December 2017, and has already completed a significant part of the work to reach and refund impacted customers.

Structural Regulation

RBNZ Consults on New Regulatory Regime for FMIs

By Editors | 07/08/2019

The RBNZ is consulting on a draft bill that sets out New Zealand’s new regulatory regime for financial market infrastructures.

Conduct, Culture & Accountability

ASIC Event Features Regtech Use for Monitoring Financial Promotions

By Manesh Samtani | 06/08/2019

ASIC’s ‘Regtech Monitoring Financial Promotions’ symposium was the first in what will be a series of sessions aimed at working with the industry to solve compliance challenges with technology.

Conduct, Culture & Accountability

Australia: NAB, EY Under Fire Following Whistleblower Leak

By Editors | 05/08/2019

A whistleblower has leaked internal NAB documents to highlight the bank’s lax approach to risk management, customer remediation, and conflicts of interest with its auditor.

Conduct, Culture & Accountability

Compensation for Poor Advice Reaches A$120m: ASIC

By Editors | 02/08/2019

NAB paid the most to compensate customers for failures by the largest number of advisers, and is expected to take the longest to complete its remediation programme.

Data Privacy

Australia Passes Consumer Data Right Legislation

By Manesh Samtani | 02/08/2019

The passage of the Consumer Data Right legislation clears the way for open banking to start in Australia in February 2020.

Payments & Settlements

NPP Australia Responds to RBA on Platform Access, Functionality

By Editors | 01/08/2019

Effective immediately, NPP Australia has established a mandatory compliance framework allowing it to designate core capability requirements and enforce compliance through non-compliance charges.

Conduct, Culture & Accountability

Australia Introducing Bill to End Conflicted Remuneration

By Editors | 31/07/2019

Draft bill to end unfair terms in insurance contracts released on Tuesday; bill to end grandfathering of conflicted remuneration to being introduced Thursday.

Payments & Settlements

RBA Policy Shift Opens Australian Payments Market to Tech Firms

By Manesh Samtani | 31/07/2019

An RBA policy update will make it easier for fintechs – and so-called BigTechs – to enter Australia’s payments system without having to obtain a banking licence.