Australia

APRA, ASIC Calls on Super Funds to Improve Retirement Outcomes for Members

By Sanday Chongo Kabange | 20/07/2023

APRA deputy chair Margaret Cole said there has been a lack of progress and insufficient urgency overall when it comes to implementation of the Retirement Income Covenant.

Crypto / Digital Assets

ASIC Cancels FTX Australia’s AFS Licence

By Sanday Chongo Kabange | 20/07/2023

FTX Australia may provide “limited financial services” related to termination of existing derivatives with clients until the end of 12 July 2024.

Enforcement

ASIC Issues First Stop Order on Life Insurance Products

By Sanday Chongo Kabange | 20/07/2023

ASIC issued the interim stop order against Clearview Life to protect consumers from acquiring two income protection cover products that may not be consistent with their needs.

ESG / Sustainability

NZ FMA Issues Guidance on Climate-related Scenario Analysis

By Sanday Chongo Kabange | 19/07/2023

The information sheet offers guidance on the disclosures firms have to make about the methods and assumptions underlying their scenario analysis and how the process has been conducted.

Enforcement

Deloitte Australia’s CEO Admits to Being Overpaid in Public Hearing

By Editors | 19/07/2023

Deloitte Australia’s CEO Adam Powick told a Senate committee his position is not worth a salary that is seven times that of the prime minister’s.

AML / KYC

NAB Blocks Payments to “High-risk” Cryptocurrency Platforms

By Editors | 18/07/2023

NAB will initially block “several” cryptocurrency exchanges that it has concerns with, but this could be expanded further in future.

Enforcement

Australia: Big 4 Accused of Operating ‘Beyond the Law’

By Editors | 18/07/2023

Former KPMG partner Brendan Lyon called for changes in how the accounting profession is regulated to restore public trust and ensure integrity in financial reporting.

Crypto / Digital Assets

ASX Receives Application to List Retail Spot Bitcoin ETF

By Jill Wong | 18/07/2023

ASX has received its first application to list a spot Bitcoin ETF to retail investors under the cryptocurrency regulations issued in October 2021.

Market Infrastructure

APRA Finalises New Cross-industry Standard on Operational Risk

By Sanday Chongo Kabange | 17/07/2023

Boards should pay particular attention to ventures that may give rise to material or novel operational risks, including activities associated with crypto assets.