Australia

Enforcement

ASIC Sues ANZ Over Home Loan Introducer Programme

By Editors | 27/11/2021

ASIC says ANZ breached credit laws by accepting customer information and documents from unlicensed individuals, some of which was fraudulent.

Capital / Liquidity

RBNZ Calls for Risk Governance Improvements at Westpac NZ

By Ranamita Chakraborty | 26/11/2021

An independent report found issues were acknowledged by the board for several years but they were not given due attention or effective remediation.

ACCC Approves NAB Acquisition of Citi Consumer Business

By Editors | 26/11/2021

In its review, which focused on competition in the supply of credit cards, the ACCC found that the transaction “would not substantially lessen competition”.

Market Infrastructure

ASIC Imposes Licence Conditions on ASX Over 2020 Outage

By Sanday Chongo Kabange | 26/11/2021

ASIC wants market participants to be able to re-route trades to alternative venues such as Chi-X in the event of a future market outage.

Market Infrastructure

APRA Calls For Greater Board Engagement on Cyber Risk

By Manesh Samtani | 25/11/2021

APRA found in a data collection exercise that 60 percent of regulated entities had not assessed IT service providers’ information security control testing.

Fintech / Regtech

Cryptocurrencies No Longer On The Fringes, says ASIC Chair

By Mark Johnston | 24/11/2021

ASIC chair Joe Longo sees crypto as no longer on the fringes of the financial services industry, but cautions investors against involvement.

AFCA Launches Benchmarking Tool for Complaints Resolution

By Editors | 23/11/2021

The platform enables FIs to track complaints resolution and compare their performance against an anonymised set of similar financial firms.

Capital / Liquidity

RBNZ Consults on Potential Mortgage Lending Restrictions

By Sanday Chongo Kabange | 23/11/2021

Banks need to prepare their systems for the future introduction of DSRs, and should be operationally ready to implement a regulated DTI limit by end-2022.

APRA Seeks Information from Super Trustees on Financial Resilience

By Ranamita Chakraborty | 22/11/2021

APRA has issued a discussion paper seeking to better understand current and emerging approaches for managing financial resources.