Australia

Crypto / Digital Assets

ASIC Punishes Fintech Firm for Misrepresenting Crypto Product

By Sanday Chongo Kabange | 28/09/2023

Bobbob and its sole director are prohibited from providing financial services to retail clients for 12 months and paid A$53,000 in penalties.

ASIC Directs Licensees to Improve Remediation Procedures

By Sanday Chongo Kabange | 27/09/2023

ASIC conducted a review of the remediation policies and procedures of some large FIs and identified gaps and inconsistencies that could lead to poor customer outcomes.

Capital / Liquidity

APRA Consults on Updates to EFS Reporting Requirements

By Editors | 27/09/2023

The proposed changes seek to fix some inconsistencies and align the EFS requirements with the updated capital framework released in 2021.

Enforcement

Australian Court Fines ANZ for Unlawful Credit Card Charges

By Sanday Chongo Kabange | 26/09/2023

ANZ was ordered to pay a A$15mn penalty, on top of A$8.3mn in remediation paid to over 186,000 credit card accounts.

Enforcement

Australia Court Fines NAB $1.3m for Overcharging Customers

By Sanday Chongo Kabange | 23/09/2023

The penalty was the maximum allowed by legislation that existed at the time of the contravening conduct. The court said a penalty “several times” higher would have been more appropriate.

ASIC Postpones Financial Adviser Registration to 2024

By Sanday Chongo Kabange | 22/09/2023

The financial adviser registration requirement was initially due to commence in January 2023. This is now the third extension.

APRA to Enhance Standards on Superannuation Member Outcomes

By Editors | 22/09/2023

Deputy chair Margaret Cole said updating SPS 515 was one of APRA’s most important policy priorities in superannuation.

Enforcement

ASIC Fines Interactive Brokers Over Client’s Suspicious Trading

By Sanday Chongo Kabange | 21/09/2023

ASIC said the firm was ‘negligent’ in its failure to identify suspicious trading by a client and ‘reckless’ in continuing to allow further suspicious trading after ASIC raised concerns.

Capital / Liquidity

APRA Considers Options for Making AT1 Bonds More Useful

By Manesh Samtani | 21/09/2023

APRA notes that most AT1 bonds in Australia are held by retail investors, which could make it more challenging to write them down in a bank resolution.