Australia

Enforcement

Amex Fined in Australia for Issuing Unsuitable Credit Cards

By Editors | 20/07/2024

The decision highlights requirements for product issuers to actively review whether their target market determinations remain appropriate over time.

Market Infrastructure

NZX Consults on Regulatory Settings for Index Futures Relaunch

By Manesh Samtani | 19/07/2024

One of the changes is to reduce the unit of trading from NZD 25 to NZD 1 to enable greater participation from smaller investors.

NZ FMA Urges FIs to Enhance Fair Treatment of Customers

By Sanday Chongo Kabange | 19/07/2024

The FMA asks FIs to use findings from a recent consumer survey to enhance their practices for ensuring fair treatment of customers.

Enforcement

APRA Reduces Westpac’s Operational Risk Capital Add-on

By Sanday Chongo Kabange | 19/07/2024

APRA reduced Westpac’s A$1bn operational risk capital add-on by half in response to progress made to address risk governance concerns.

Australia to Update Registration Framework for Tax Practitioners

By Editors | 18/07/2024

The registration framework is being updated to better protect consumers and ensure higher standards of professional conduct among tax practitioners.

Enforcement

Australia Fines Telstra for Failure to Authenticate Customer IDs

By Editors | 18/07/2024

The ACMA said Telstra failed to use ID authentication processes for 168,000 high-risk customer interactions, such as SIM-swap requests and password resets.

Enforcement

APRA Orders Superannuation Trustee to Address Data Issues

By Sanday Chongo Kabange | 17/07/2024

APRA requires Fiducian Portfolio Services to fix issues related to the accuracy and completeness of data submitted for the superannuation performance test.

Enforcement

Australia Convicts Ex-Crypto Promoter for Unlicensed Financial Advice

By Sanday Chongo Kabange | 16/07/2024

John Bigatton was convicted for providing unlicensed financial advice when he promoted BitConnect in seminars and on social media.

Enforcement

ASIC Intervenes to Secure Fee Refunds for Bank Customers

By Sanday Chongo Kabange | 16/07/2024

ANZ, Bendigo and Adelaide Bank, CBA and Westpac will refund over A$28mn to low-income customers who were charged inappropriately high fees.