Australia

Australia Consults on Improving Super Fund Retirement Outcomes

By Editors | 06/12/2023

Discussion paper examines how super funds can better support members and deliver better retirement income products and services.

Enforcement

Australian Court Orders OnePath Custodians to Pay A$5m Penalty

By Editors | 03/12/2023

OnePath Custodians made false or misleading representations and deducted fees from members for advice services they did not receive.

Securities / Derivatives

New Zealand FMA to Cooperate with FMSB on Market Standards

By Editors | 01/12/2023

Good industry standards can complement principle-based laws and drive robust operational practices among market intermediaries, the FMA said.

Enforcement

ASIC: Morningstar Pays Two ESG-related Infringement Notices

By Manesh Samtani | 01/12/2023

Morningstar fund investors were exposed to weapons companies for “short periods of time” despite an ESG Policy that prohibited such exposures.

Fintech / Regtech

Legislation Introduced to Expand Australia’s Digital ID System

By Sanday Chongo Kabange | 01/12/2023

The bill introduces a voluntary accreditation scheme for Digital ID service providers, and will allow myGovID to be used in the private sector.

APRA Publishes Additional Data on Super Fund Underperformance

By Sanday Chongo Kabange | 01/12/2023

APRA says there is “considerable scope” for fee reductions across the superannuation industry, particularly for trustee directed products.

APRA Consults on Next Phase of Super Fund Reporting Requirements

By Editors | 30/11/2023

The new collections will include data on trustee boards, product distribution arrangements, investment governance, investment manager costs, and financial statements.

AML / KYC

Australian Government Consults on Scams Code Framework

By Manesh Samtani | 30/11/2023

The framework sets out the responsibilities of banks, telcos and digital platforms to prevent, detect, disrupt, and respond to scams.

Fintech / Regtech

APRA Calls on Firms to Improve Data Risk Management Practices

By Sanday Chongo Kabange | 29/11/2023

APRA outlined multiple areas where improvements can be made to improve the data management practices of banks, insurers, and superannuation trustees.