All posts tagged "suitability"
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1.5KAML / KYCHKMA, SFC Allow Intermediaries to Offer Crypto Services
Authorised institutions and licensed corporations wishing to offer virtual asset dealing services can do so only by partnering with SFC-licensed trading platforms.
January 31, 2022 -
719Australia & NZNew Zealand to Probe Lenders on Application of New Lending Rules
The government has asked the Council of Financial Regulators to bring forward an investigation into whether lenders are implementing the new lending rules as intended.
January 21, 2022 -
534Hong KongHK Regulators to Assess Sales Practices of Tax-deductible Products
A mystery shopping programme is being launched by the HKMA, MPFA and IA to assess the extent to which statutory and regulatory objectives are being met by intermediaries.
January 3, 2022 -
407Australia & NZNew Responsible Lending Laws Take Effect in New Zealand
The new law requires lenders to act responsibly at all times. They can be forced to refund interest, fees and damages for failing to do so.
December 1, 2021 -
277AML / KYCMAS Proposes to Ease Retail Investor Access to Funds
Under the changes, only a small group of more complex CIS would continue to be considered complex products and subject to additional disclosure requirements.
November 4, 2021 -
463FeatureHKMA, SFC Outline Expectations on Sale of ILS Products
The circular follows the $30mn issuance of Hong Kong's first catastrophe bond by Greater Bay Re, a state-sponsored special purpose vehicle.
October 12, 2021 -
208Australia & NZNew Zealand FMA Censures Derivatives Issuer FIRMA NZ
Firma NZ failed to conduct product suitability tests for clients and to regularly provide statements to investors. The contraventions were "persistent and systemic".
October 12, 2021 -
215Australia & NZ
NZ FMA Finds “Poor Value” in Credit Card Repayment Insurance
Underwriters and distributors are directed to ensure their systems, processes and controls facilitate good customer outcomes.
September 24, 2021 -
289Hong KongHKMA Finds Gaps in How Banks Sell Tax Deductible Products
Some banks did not ensure the products were suitable, or did not explain product features and risks to customers.
September 16, 2021 -
622Big PictureOECD Offers Policy Advice for Regulating AI in Financial Services
Among the recommendations are the introduction of suitability requirements for AI-driven financial services, and add-on capital buffers based on AI algorithms.
August 17, 2021
