AUSTRALIA

Market Infrastructure

CDR Negatively Impacting Competition, says Australia Banking Body

By Sanday Chongo Kabange | 05/07/2024

ABA says the CDR regime is not delivering for customers or enhancing competition in Australia’s banking industry.

Australia Passes First Tranche of Financial Advice Reforms

By Sanday Chongo Kabange | 05/07/2024

The legislation seeks to streamline the delivery of financial advice while strengthening transparency and protections for consumers.

Enforcement

FMA Censures DeVere for FAP Licence Breaches

By Sanday Chongo Kabange | 05/07/2024

The FMA censured deVere for failing to ensure its clients understood the financial advice offered to them.

Market Infrastructure

ASIC Explores AI for Insider Trading Surveillance

By Sanday Chongo Kabange | 04/07/2024

The Australian regulator is exploring AI and machine learning for potential insider trading surveillance and detection.

ASIC Directs Licensees To Correct Advisor Records on FAR

By Sanday Chongo Kabange | 04/07/2024

ASIC has directed AFS licensees to immediately correct records on the Financial Advisers Register or face enforcement action.

Market Infrastructure

APRA Updates Guidance on Strategic Planning for Super Funds

By Sanday Chongo Kabange | 04/07/2024

The updated guidance for super funds will apply from 1 July 2025 and sets clear expectations for trustees regarding expenditure.

Market Infrastructure

APRA, ASIC Find Gaps in Super Trustees’ Retirement Strategies

By Sanday Chongo Kabange | 04/07/2024

ASIC and APRA have urged super trustees to strengthen oversight of retirement strategy implementation after a survey found gaps.

Enforcement

Australia: ANZ Sanctioned for Charging Deceased Customers

By Sanday Chongo Kabange | 03/07/2024

The BCCC sanctioned ANZ for breaching its obligations under the Banking Code of Practice in relation to deceased customers.

Market Infrastructure

AFCA Publishes New Rules and Operational Guidelines

By Sanday Chongo Kabange | 02/07/2024

The new rules are approved by ASIC and provide complete transparency into how the AFCA operates.