Australia

Capital / Liquidity

New Zealand to Introduce Deposit Guarantee Scheme by 2023

By Sanday Chongo Kabange | 22/04/2021

The NZBA’s Roger Beaumont says banks should pay lower levies compared to non-bank deposit takers because they are less likely to call on the scheme.

Enforcement

Australian Court Imposes 20-Year Ban on Mayfair 101 Director

By Editors | 22/04/2021

James Mawhinney is prohibited from promoting and raising funds from the public through financial products for 20 years.

FSC Australia Proposes Removal of Financial Advice Red Tape

By Ranamita Chakraborty | 22/04/2021

There are significant opportunities to reduce the cost and complexity of providing financial advice, the FSC says in new paper.

Strategy Launched to Help New Zealanders Understand Money

By Ranamita Chakraborty | 21/04/2021

The strategy includes a three-year plan to enable the financial sector to work together to help the public learn how to make good decisions around money.

Sanctions

Australia Issues Draft Bill on Financial Advice Reforms

By Editors | 21/04/2021

The bill will expand the role of ASIC’s Financial Services and Credit Panel so that it operates as the single disciplinary body for financial advisers.

AML / KYC

Australia Launches Next Phase of Business Registry Modernisation

By Ranamita Chakraborty | 19/04/2021

Commissioner of Taxation Chris Jordan was appointed Registrar of the new ABRS, which will unify 32 business registers in Australia.

Rising Asset Prices May Risk Financial Stability: RBA

By Sanday Chongo Kabange | 18/04/2021

A correction in asset prices, if borrowers’ income were to fall and so they defaulted on debt repayments, could expose lenders to large losses.

Australian Senator Proposes Merger of Superannuation Lobby Groups

By Ranamita Chakraborty | 15/04/2021

Senator Andrew Bragg is suggesting to use the ‘Your Future Your Super’ legislation to force consolidation between the AIST, ISA, FSC and ASFA.

ASIC Sets Expectations on New Complaints Handling Obligations

By Ranamita Chakraborty | 14/04/2021

ASIC plans to check in with industry at various stages of RG 271’s implementation and assess whether its expectations about preparation are being met.