All posts tagged "suitability"
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786Australia & NZCBA to Pay Penalty for Increasing Problem Gambler’s Credit Limit
ASIC launched civil proceedings against CBA in March alleging that the bank failed to take account of a notification by a customer that he was a problem gambler.
November 2, 2020 -
626KoreaKorea to Amend Law to Protect Private Equity Fund Investors
The revisions will enhance oversight and risk assessment of private equity funds, and prevent illiquid funds from being marketed to retail investors.
October 2, 2020 -
495Australia & NZASIC Launches Court Proceedings Against Volkswagen Financial Services
ASIC says Volkswagen contravened the responsible lending provisions of the National Credit Act in relation to 49,380 loan contracts.
December 24, 2019 -
610Australia & NZASIC Offers Clarity on Responsible Lending Obligations
ASIC has clarified when a licensee might undertake more or less detailed inquiries and verification steps based on different consumer circumstances and the type of credit being sought.
December 10, 2019 -
738EnforcementKorea Progresses Financial Consumer Protection Bill
The bill, approved by the national policy committee, contains six sales regulations to be applied to all financial products and establishes a legal basis for penalising firms in violation.
November 28, 2019 -
1.1KMalaysiaMalaysia Mandates Fair Treatment of Financial Consumers
A new BNM policy document sets out expectations for financial firms to prioritise the interests of financial consumers and effectively manage conduct risks.
November 11, 2019 -
916FeatureHKMA Updates Rules on Sales of Banking Products
Banks may not sell investment, insurance and MPF products in areas that are used for deposit-taking activities, and the face-to-face sales process must be audio-recorded.
September 27, 2019 -
496Australia & NZ
ASIC Releases New Rules on Responsible Credit Card Lending
Credit card providers will need to assess the suitability of new cards and credit limit increases based on consumers' ability to repay in full within a three year period.
September 6, 2018 -
544AML / KYCSFC Fines Wealth Manager Noah Holdings for Internal Control Failures
The firm was fined HK$5mn for failures in client risk profiling and product due diligence, resulting in potentially unsuitable investment products being sold to clients.
May 30, 2018
