Australia

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.

Conduct, Culture & Accountability

Over 35,000 Complaints Received in Six Months: AFCA

By Editors | 17/07/2019

Over 60% of the complaints have been resolved, resulting in A$83mn in settlements. More than one-third of complaints were directed at banks.

Market Abuse

ANZ, Citi, Deutsche to Defend Against Criminal Cartel Charges in September

By Editors | 12/07/2019

The government accuses the banks of forming a criminal cartel to either “directly or indirectly” restrict the supply of ANZ shares or maintain the price of ANZ shares.

Supervision & Enforcement

ASIC Review Finds Widespread Mis-selling of Consumer Credit Insurance

By Editors | 12/07/2019

ASIC plans to take “significant enforcement action” against 11 lenders that inappropriately sold consumer credit insurance, and force remediation of over A$100m.

Conduct, Culture & Accountability

ANZ Agrees to Settle 2010 Fees-Related Class Action for A$1.5m

By Editors | 11/07/2019

Under the proposed settlement, which is subject to Federal Court approval, ANZ customers who were charged a fee for failing to make scheduled payments between two of their accounts will be able to claim refunds.

Credit Risk

ASIC Defends Responsible Lending Guidance

By Editors | 11/07/2019

ASIC says the proposed responsible lending guidance is not about increasing requirements; rather, it seeks to clarify and update guidance on existing requirements.