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ASIC Finds Conflict Management Failures at Super Funds
By Ranamita Chakraborty | 03/11/2021
ASIC identified a “clear failure” to identify investment switching by directors and executives of superannuation trustees as a source of potential conflict.
ABA Rolls Out New Guidance on Providing Hardship Assistance
By Editors | 02/11/2021
Some banks, such as Westpac, have already begun to implement practices within the guideline. Others will roll out the practices over the next 12 months.
Enforcement
CBA Pleads Guilty to Mis-Selling Consumer Credit Insurance
By Editors | 01/11/2021
Deputy chair Sarah Court said ASIC pursued a criminal case against CBA after it was clear customers had been sold insurance that they had no use for.
Market Infrastructure
New Zealand Introduces Bill on Retail Payments Regulation
By Editors | 01/11/2021
The regime will cap interchange fees on designated payment networks, starting with Mastercard and Visa’s credit and debit card networks.
APRA Finalises Expectations on Negative Rate Preparedness
By Editors | 31/10/2021
ADIs have until 31 July 2022 to develop tactical solutions to implement zero and negative market interest rates and cash rate.
AML / KYC
AUSTRAC Asks Banks to Avoid Indiscriminate De-banking Practices
By Editors | 31/10/2021
De-banking activities lead criminal activity underground and compound the risks criminals pose to Australia’s financial system and the community.
APRA Directs Super Funds to Improve Operations
By Ranamita Chakraborty | 29/10/2021
APRA has concluded three thematic reviews into core operational areas for super funds. Trustees are asked to draw from the findings to improve their operations.
Crypto / Digital Assets
ASIC Issues Guidance on Crypto-asset Investment Products
By Editors | 29/10/2021
ASIC says it has introduced a new ‘crypto-asset’ category in the licensing application for responsible entities.
Capital / Liquidity
APRA Defers Implementation of IRRBB, FRTB, CVA Risk
By Editors | 27/10/2021
The prudential standard for IRRBB will now take effect from 1 January 2024. The FRTB and CVA risk frameworks will take effect from 1 January 2025.
ESG / Sustainability
RBNZ Outlines Action Plan for Addressing Climate Risks
By Sanday Chongo Kabange | 27/10/2021
The RBNZ will develop a guidance note to support regulated entities in managing climate risks, focusing on physical, transition and liability risks.
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