The new code establishes obligations for more inclusive banking products, expanded lending obligations and guarantor protections, and greater support for vulnerable customers.
November 7, 2022The FSC intends to amend the Act to allow only exceptional cases of consumer solicitation, where consent is obtained from the customers in advance.
July 12, 2022Banks will be required to publicly disclose their lending rates, deposit rates, and net interest spreads, to allow consumers to make quick comparisons.
July 11, 2022The new Life Code takes effect on 1 July 2023, providing the industry with twelve months to transition and make the necessary systems changes.
June 29, 2022Regulated entities don't require specific approvals to outsource IT services, but appropriate policies and a risk management framework must be in place.
June 29, 2022ASIC has identified behavioural levers that can influence consumer outcomes and situational vulnerabilities that can amplify poor outcomes.
June 28, 2022The case involves over 670,000 contracts entered into by Sunshine Loans that included an amendment or rescheduling fee that is not permitted.
June 10, 2022The CFTC would be granted authority over crypto spot markets, based on the understanding that "most digital assets are more similar to commodities than securities".
June 8, 2022Hong Kong official Christopher Hui says regulations for banks and money lenders on providing unsecured credit already cover BNPL services.
June 5, 2022The consultation will facilitate the introduction of legislation to expand access to the digital identity system to private sector entities.
June 24, 2021