Australia

New Zealand Launches New Financial Advice Regime

By Editors | 15/03/2021

Anyone who gives regulated financial advice to retail clients must either hold or operate under a Financial Advice Provider licence granted by the FMA.

ESG / Sustainability

APRA Outlines Next Steps in Key Climate-related Initiatives

By Sanday Chongo Kabange | 15/03/2021

APRA will consult on a draft prudential practice guide on climate change financial risk within H1. The first results of big banks’ climate vulnerability assessments will be ready by Q4.

Enforcement

ASIC Imposes Licence Conditions on OTC Derivatives Issuer AxiCorp

By Editors | 15/03/2021

ASIC has agreed to set aside a January 2020 decision to suspend AxiCorp’s AFS licence following the imposition of additional licence conditions.

AML / KYC

APRA Ends Westpac Probe into Possible Banking Law Breaches

By Editors | 14/03/2021

The investigation did not find evidence of breaches of the Banking Act or the BEAR, according to APRA Deputy Chair John Lonsdale.

ASIC Consults on Deferred Sales Model for Add-on Insurance

By Ranamita Chakraborty | 13/03/2021

From 5 October, the deferred sales model will introduce a four-day pause between the sale of a principal product or service and the sale of add-on insurance.

Enforcement

NZ Court Fines ANZ Over Credit Card Repayment Insurance

By Editors | 13/03/2021

The judge said ANZ should have been “sufficiently robust” in its ability to detect issues early, given its size, resources and position in New Zealand’s market.

Australia Announces Expansion of SME Loan Guarantee Scheme

By Editors | 11/03/2021

The government will guarantee up to 80 percent of the loans under the scheme, while also increasing the loan limit and allowing larger businesses to also benefit.

Enforcement

ACCC Accepts Visa Commitment to Address Competition Concerns

By Editors | 11/03/2021

Visa is legally bound to ensuring that merchants will not pay higher processing costs if they process debit card payments through eftpos rather than the Visa network.

Market Infrastructure

APRA to Adopt New Consultation Approach to Data Collection

By Manesh Samtani | 11/03/2021

APRA plans a consultation process that will allow it to design its data collections in a way that will minimise friction and reduce the regulatory burden of regulated entities.