Australia

ASIC Publishes Data Definitions for New Complaints Handling Regime

By Ranamita Chakraborty | 22/07/2021

New dispute resolution standards will commence on 5 October this year. ASIC has released a data dictionary and data glossary to support pilot testing.

Australia Issues Consultation on Retirement Income Covenant

By Sanday Chongo Kabange | 21/07/2021

Superannuation trustees will be required to have in place a retirement income strategy as outlined in a new position paper from 1 July 2022.

Australia: Grandfathered Conflicted Remuneration Comes to an End

By Sanday Chongo Kabange | 21/07/2021

Only eight product issuers still had grandfathered conflicted remuneration arrangements in place as at 1 January 2021.

Australia Consults on Compensation Scheme of Last Resort

By Sanday Chongo Kabange | 21/07/2021

The CSLR will establish an industry-funded compensation mechanism for individuals who have won decisions against insolvent financial firms.

Capital / Liquidity

APRA Says Loan Deferrals Need Not be Treated as Arrears

By Editors | 20/07/2021

Banks will not need to treat the period of deferral being offered by banks to borrowers as a period of arrears or a loan restructuring.

Market Infrastructure

Australia Issues Consultation on Financial Accountability Regime

By Sanday Chongo Kabange | 20/07/2021

The FAR will not impose civil penalty liability on accountable persons, a shift from the government’s position in a January 2020 consultation.

ACCC Wary of Potential NAB Bid for Citigroup Unit

By Editors | 18/07/2021

NAB is in talks about a possible acquisition of Citigroup’s Australian retail banking business. The ACCC says it is paying close attention.

AML / KYC

NZ FMA Issues New Guidance on Electronic ID Verification

By Editors | 18/07/2021

A new Explanatory Note identifies electronic sources of information that reporting entities can use for identity verification.

ASIC Proposes Additional Guidance on Litigation Funding

By Ranamita Chakraborty | 17/07/2021

ASIC proposes to grant relief from the equal treatment duty to enable the effective distribution of a resolution sum obtained in a class action.