Australia

Capital / Liquidity

APRA Imposes Capital Charge on Medibank Over 2022 Hack

By Sanday Chongo Kabange | 27/06/2023

APRA has decided to increase Medibank’s capital adequacy requirement for operational risk by A$250mn.

Enforcement

Australia: PwC’s Breach of Trust was “Calculated”, Says Senate Committee

By Sanday Chongo Kabange | 27/06/2023

Lawmaker Richard Colbeck has called for a wider probe into PwC, saying the information released to date showed the scandal “extended internationally”.

ESG / Sustainability

NZ FMA Guides Businesses In Complying with New Climate Disclosure Regime

By Ranamita Chakraborty | 26/06/2023

The regulator believes that the market’s ability to manage data sources and systems for reporting on climate-related information will improve over time.

Enforcement

ASIC Rejects Senate’s Accusations of Undermining Inquiries

By Karen Ng | 26/06/2023

ASIC chair Joe Longo delivers a defence against accusations that the regulator obstructed a Senate inquiry into its capacity and ability.

Market Infrastructure

Australia Passes Bill to Establish Compensation Scheme of Last Resort

By Sanday Chongo Kabange | 25/06/2023

The CSLR will facilitate the payment of up to A$150,000 in compensation for financial services consumers who have unpaid determinations from AFCA.

Enforcement

ASIC Penalises Morrison Securities for Mishandled Client Orders

By Sanday Chongo Kabange | 24/06/2023

Inadequate controls led to orders being erroneously directed to Chi-X rather than ASX, resulting in market integrity rule breaches.

Market Infrastructure

RBA Consults on Options for Enhancing Debit Card Market

By Sanday Chongo Kabange | 23/06/2023

The RBA seeks to prevent any one debit network from being given routing priority at issuance for domestic transactions.

New Zealand to Probe Excessive Profits in Retail Banking

By Karen Ng | 23/06/2023

New Zealand’s Commerce Commission will conduct its first-ever study to assess competition in personal banking services.

AML / KYC

Senate Committee to Investigate Perth Mint’s AML Compliance

By Editors | 22/06/2023

The Senate voted to set up the inquiry into Perth Mint, without support from the federal Labor government.