ADVERTISEMENT
Enforcement
Australia Royal Commission Finds AMP Repeatedly Deceived Regulator
By Manesh Samtani | 19/04/2018
Wealth manager AMP covered up for years a policy of charging customers fees for advice they never received; sought to influence “independent” review into the practice to protect executives.
Enforcement
CBA, ANZ to Pay Compensation for Missing Financial Advice Records
By Editors | 16/04/2018
CBA and ANZ to pay $69mn and $36.4mn compensation, respectively, for failing to provide documentation of annual customer reviews.
Securities / Derivatives
ASIC Updates Client Money Guidance as New Restrictions Take Effect
By Editors | 06/04/2018
Licensees may not use OTC derivative client money for own obligations, working capital; new reporting requirements to increase transparency on client money use.
AML / KYC
Australia’s Largest Tax Fraud Case Ends with 10-year Jail Sentence
By Samuel Riding | 02/04/2018
Duo spent $103mn in illicit gains on Rolls Royces, a Lamborghini, an Aston Martin, a Mercedes, a BMW and yachts
Enforcement
Royal Commission Exposes Multiple Lending Practice Failures at Big Four
By Manesh Samtani | 29/03/2018
Public inquiry’s first round of hearings reveals multiple failures at ‘big four’ banks to lend in customers’ best interests.
Enforcement
Australian Bank Conduct Code to be Compulsory
By Editors | 28/03/2018
Code being considered by ASIC will be binding, with self-regulatory body given power to investigate misdemeanours and issue sanctions.
Fintech / Regtech
Australia, UK to Enable Cross Market Sandbox Participation
By Manesh Samtani | 25/03/2018
Under the enhance cooperation agreement, the FCA and ASIC will speed up cross-market authorisations and testing for innovative businesses.
Enforcement
Cyber Threats Top ASIC Agenda
By Samuel Riding | 19/03/2018
Australian securities regulator warns on ‘malicious cybercrime’; says surveillance of OTC markets will be another 2018 priority.
Enforcement
ASIC Mandates Banks’ Further Removal of Unfair Loans Terms
By Editors | 17/03/2018
New guidance ensures bank staff are held responsible for conduct and statements outside of formal contracts; removes borrower’s liability in the event of lender misconduct.
Enforcement
Australia’s Royal Commission Hears Bribery Allegations
By Garima Chitkara | 15/03/2018
NAB staff allegedly falsified documents to achieve home loan targets, branch managers colluded with loan introducers to manipulate incentive schemes.
JOIN OUR NEWSLETTER
A daily selection of top stories from the Regulation Asia editorial team