Australia

Conduct, Culture & Accountability

Australian Banks Taking Too Long to Fix ‘Fees-For-No-Service’ Failings – ASIC

By Editors | 12/03/2019

Delays attributed to poor record-keeping and systems, failures to implement methodologies to identify and compensate customers, and an overly legalistic approach at some institutions.

Conduct, Culture & Accountability

AFCA Finalises Over 18,000 Complaints in Four Months

By Editors | 08/03/2019

Australia’s four months old ‘one stop shop’ for financial services dispute resolution has finalised 18,390 complaints, yielding more than A$54mn in awards to consumers and small businesses.

Cloud & Infrastructure

APRA, AUSTRAC to Engage Regtechs on Solution Development

By Editors | 08/03/2019

APRA and AUSTRAC plan to directly engage and share information with regtech firms to aid in their development of solutions that can help regulated entities comply with reporting obligations.

AI Risk & Governance

ASIC to Automate Detection of Misleading Advertising Through AI

By Editors | 05/03/2019

ASIC is looking to engage with regtech firms to develop systems that use artificial intelligence to detect misleading advertising and spot disclosure problems in financial advice.

Conduct, Culture & Accountability

APRA Unveils 2019 Policy Agenda in New Paper

By Editors | 03/03/2019

Much of the focus will be on lifting industry standards on governance, remuneration, and the management of non-financial risks, said APRA chair Wayne Byres.

Conduct, Culture & Accountability

ABA to Amend Code of Practice to Implement Hayne Recommendations

By Editors | 01/03/2019

The Australian Banking Association will implement 7 Royal Commission recommendations through amendments to the Banking Code of Practice.

Emerging Prudential Risks

Australian Financial Sector Needs Stronger Systemic Risk Oversight – IMF

By Editors | 26/02/2019

Among other findings, the report notes the need for additional investment in data and analytical tools to strengthen prudential supervision and systemic risk oversight.

Credit Risk

Westpac Faces Class Action for Irresponsible Lending

By Editors | 26/02/2019

Westpac has vowed to fight the claim, saying it takes its responsible lending obligations very seriously. But it could face a multi-million-dollar settlement if other borrowers join the class action.

Anti-Money Laundering

AUSTRAC Trials Reporting Automation through Smart Contracts

By Editors | 26/02/2019

The proof of concept project commenced in December 2018 and aims to help reporting entities automate the reporting of international funds transfers to AUSTRAC.