All posts tagged "Royal Commission"
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1.0KAML / KYCTechnology to Drive Regulatory Agenda in 2020: Thomson Reuters
Technology has displaced the 2008 financial crisis as the main issue driving the international regulatory agenda, says a new report from Thomson Reuters.
January 9, 2020 -
359Australia & NZAustralia to Formalise ASIC-APRA Regulatory Cooperation
The legislation will oblige ASIC and APRA to cooperate, share information with each other, and notify each other if they have a reasonable belief that there has been a breach of the other’s legislation.
December 28, 2019 -
369Australia & NZAustralia Proposes Industry-Funded Compensation Scheme of Last Resort
The scheme will ensure that consumers and small businesses receive a payout in cases where compensation has been awarded but the financial services provider is unable to pay.
December 26, 2019 -
244Australia & NZ
ASIC, APRA Issue Updates on Governance, Accountability
The updates are a response to the Royal Commission, which called on both regulators to reform their internal accountability frameworks to reflect requirements prescribed by BEAR.
December 25, 2019 -
361AML / KYCWestpac Faces Shareholder Class Action for Possible Disclosure Failures
The class action, filed by law firm Phi Finney McDonald, will rest on whether Westpac breached disclosure obligations or misled investors about the extent of its AML compliance failures.
December 23, 2019 -
496Australia & NZASIC Issues Draft Guidance on Product Design Obligations
From April 2021, design and distribution obligations will require issuers to focus on meeting consumer needs when designing, marketing and distributing financial products.
December 21, 2019 -
313Australia & NZANZ Announces New Remediation Costs to ‘Fix’ 3.4m Customer Accounts
At its AGM on Tuesday, ANZ announced an additional A$682mn charge for remediation work, where a total 3.4 million accounts "need fixing".
December 19, 2019 -
181Australia & NZASIC Approves ABA’s Updated Banking Code of Practice
ASIC has given its final approval for the new version of the Banking Code of Practice, which implements recommendations from the Royal Commission.
December 19, 2019 -
145Australia & NZ
APRA Delays Implementation of Product Responsibility under BEAR
APRA will delay finalising its consultation on the product responsibilities under BEAR to align with the government’s proposed extension of the accountability regime.
December 16, 2019 -
419Australia & NZAPRA Imposes Licence Conditions on CBA-owned Avanteos Investments
CBA-owned Avanteos Investments charged over 2200 deceased members adviser service fees for 15 years, resulting in a total financial impact of over A$6mn.
December 13, 2019
