Australia

Enforcement

FMA Cancels Financial Advice Provider’s Transitional Licence

By Editors | 15/12/2021

This was the first transitional licence cancelled by the FMA, due to “serious misconduct” by the company’s sole financial adviser at a previous employer.

Securities / Derivatives

ASX Introduces Electronic Delivery of CHESS Statements

By Sanday Chongo Kabange | 15/12/2021

The electronic delivery of CHESS statements provides a faster, more efficient service for investors, says ASX group executive Tim Hogben.

Crypto / Digital Assets

Australia Unveils Plans to Reform, Modernise Payments System

By Sanday Chongo Kabange | 14/12/2021

The government plans to establish a licensing regime for crypto exchanges, a custody regime for digital assets, and explore the feasibility of a CBDC.

AML / KYC

AUSTRAC Issues Financial Crime Guide on Disaster Payments Fraud

By Editors | 13/12/2021

The financial crime guide helps financial firms identify the misuse of emergency and disaster payments administered through Services Australia.

Fintech / Regtech

RBA, CBA, NAB Conclude Project Exploring Wholesale CBDC

By Manesh Samtani | 13/12/2021

The model used in the PoC preserves the current role of banks in the financial system and allows non-bank wholesale market participants to access the CBDC.

Enforcement

ASIC Files Proceedings Against ANZ Over Unpaid Benefits

By Editors | 10/12/2021

ANZ and ASIC have filed a statement of agreed facts and admissions with the court and agreed on a proposed penalty of AUD 25 million.

Enforcement

NZ FMA Files Suit Against Kiwibank for Overcharging Customers

By Editors | 09/12/2021

Between September 2005 and March 2020, some 35,000 home loan customers were overcharged a total of NZD 1.1 million.

Capital / Liquidity

RBNZ Consults on Draft Deposit Takers Act Legislation

By Ranamita Chakraborty | 09/12/2021

The Depositor Compensation Scheme will protect up to NZD 100,000 per depositor, per licensed deposit taker, and is expected to be operational in late 2023.

ANZ Faces Class Action for Over Credit Card Interest Charges

By Editors | 08/12/2021

The class action alleges ANZ contravened the ASIC Act by charging retrospective interest and interest on purchases that were paid off in a timely manner.