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Financial compensation totalling A$730,000 was offered to 215 clients who were harmed by poor advice, while another 21 clients received non-financial remediation.

Recent policies to help delinquent borrowers have incentivised good borrowers to default, leading to a rise in NPLs that is threatening to overwhelm banks.

Tencent Credit and Alibaba’s Sesame Credit hold more customer data than any of their online lending peers, but they are not providing the data to the national credit database.

The SBV says banks may not allow borrowers to use long term savings books as collateral for loans if they have no plans to use the capital.

A working group will be formed to implement mechanisms for cross-border equity offerings, dual listings and depositary receipts between the two countries.

Although 84% of financial firms have a formal LIBOR transition plan in place, only 18%of them describe their programmes as ‘mature', according to a new Accenture report.

The paper proposes that payment gateways and payment aggregators be required to have a minimum net-worth of 1 billion rupees, among other requirements.

The bill will provide amnesty to employers who have underpaid superannuation up to 27 years ago, if they disclose their failures within two years and repay the full amount.

SAFE has asked financial institutions to monitor for leveraged forex trading and blacklisted 43 FX firms amid signs that illegal capital outflows have been increasing.

The ACCC’s Rod Sims said the lack of competition is not surprising in a market dominated by four players, where no other players have managed to make serious inroads to displace them.