Australia

Enforcement

ASIC Sues Westpac for Financial Hardship Misconduct

By Editors | 04/09/2023

ASIC said Westpac’s deficient process resulted in 229 customers not receiving a response to their hardship notice within the required 21 days.

Market Infrastructure

NZX Adds Financial Recovery Tools to Operational Rules

By Sanday Chongo Kabange | 04/09/2023

The amendments will take effect on 1 December, introducing five recovery tools to help manage a potential default by a market participant.

Market Infrastructure

ASIC, RBA Set Expectations for ASX Industry Engagement

By Editors | 01/09/2023

ASIC and the RBA directed ASX to use its new advisory group to seek advice on Australia’s possible implementation of T+1 settlement.

Securities / Derivatives

Almost 100 Superannuation Products Fail APRA Performance Test

By Editors | 31/08/2023

AMG MySuper failed the test for the third consecutive year; 96 trustee-directed products also failed the test.

Fintech / Regtech

India, New Zealand Start Talks on UPI-based Payments Link

By Editors | 30/08/2023

NPCI and Payments NZ are in early discussions regarding the use of the UPI system to establish a cross-border payment link.

Fintech / Regtech

Australia Consults on CDR Expansion to Non-bank Lenders

By Editors | 30/08/2023

The Consumer Data Right regime will apply to the non-bank lending sector in stages, starting from 1 November 2024.

ASIC Calls on Lenders to Support Customers Experiencing Hardship

By Sanday Chongo Kabange | 30/08/2023

Financial hardship will be a key area of focus over the next year. ASIC will conduct a review of large home lenders to understand their approaches in this area.

Market Infrastructure

APRA to Develop Cross-Industry Stress-Testing Framework

By Sanday Chongo Kabange | 30/08/2023

APRA will explore how shocks may be mitigated or propagated by interactions between banking, insurance, and superannuation.

AML / KYC

Australia Abruptly Halts Business Registers Upgrade Project

By Sanday Chongo Kabange | 29/08/2023

Australia is stopping work on its business registers modernisation programme due to its excessive cost and expected time-to-completion.