Australia

Enforcement

Australian Court Fines Colonial First State for Misleading Members

By Editors | 19/10/2021

The court said Colonial First State Investments engaged in a 26-month “concerted campaign” that sought to take advantage of members.

FMA Sets Target Dates for Financial Advice Licensing

By Editors | 19/10/2021

Transitional licences under the new financial advice regime will expire on 16 March 2023. Providers are asked to apply for full licences ahead of time.

ESG / Sustainability

RBA Warns of Divestment Risk Amid Climate Change Threat

By Sanday Chongo Kabange | 19/10/2021

While there are currently only isolated examples of divestment from Australia because of climate risk, the likelihood of more significant divestment is increasing.

Enforcement

NZ FMA Censures Jarden Securities for Client Money Breaches

By Editors | 19/10/2021

OM Financial, which amalgamated with Jarden in March 2021, transfered its own money into the trust account designated to hold investor money.

Crypto / Digital Assets

ASIC Seeks Extension of CFD Product Intervention Order to 2031

By Sanday Chongo Kabange | 18/10/2021

ASIC says there were 45 percent fewer loss-making retail client accounts and losses were smaller as a result of its October 2020 product intervention order.

FMA Finalises Guidance on Advertising of Financial Products

By Sanday Chongo Kabange | 17/10/2021

The FMA will take action against false, misleading, deceptive or confusing advertising, depending on the severity and level of misconduct.

Market Infrastructure

APRA Concludes Pilot Risk Culture Survey With 10 Insurers

By Editors | 15/10/2021

Based on responses from almost 7,200 insurance employees, APRA found some of the lowest scores in risk governance and controls.

Enforcement

RBNZ Consults on Approach to Enforcement Decision-making

By Editors | 14/10/2021

A new consultation paper seeks feedback on the principles and criteria which will guide the RBNZ’s enforcement decision-making process moving forward.

ASIC Calls for Review of Non-compliant Whistleblower Policies

By Editors | 13/10/2021

Some policies inaccurately refer to obsolete requirements for whistleblowers to identify themselves or make disclosures in good faith or without malice to qualify for protection.