Australia

Enforcement

APRA Accepts Court Enforceable Undertaking from Allianz

By Editors | 11/03/2021

Allianz Australia acknowledges previous risk and compliance weaknesses and emphasises its commitment to addressing these issues.

Capital / Liquidity

RBNZ Removes Liquidity Facilities Amid Improving Market Conditions

By Editors | 10/03/2021

Financial market conditions have “improved significantly” since the Term Auction Facility and the Corporate Open Market Operation were introduced.

Enforcement

Australian Court Penalises Dover Financial Advisers for Misconduct

By Editors | 09/03/2021

The penalty is part of the fallout from a 2019 federal court judgment that Dover Financial Advisers engaged in “false, misleading or deceptive conduct”.

ASIC Attributes Higher Industry Levies to Royal Commission Work

By Editors | 07/03/2021

ASIC’s regulatory work related to the Royal Commission recommendations involves higher-cost activities such as enforcement, supervision and surveillance.

Capital / Liquidity

APRA Finalises Reporting Standard for Operational Risk Capital

By Editors | 04/03/2021

APRA has introduced a 35 day lag before data submitted for ARS 115.0 will become non-confidential, to ensure an ADI’s financial disclosures are published first.

Capital / Liquidity

RBNZ Refines Principles Governing Insurance Solvency Review

By Editors | 04/03/2021

The RBNZ says it is confident that the revised principles are now robust, comprehensive and will guide the ongoing policy work on the review of solvency standards.

Enforcement

ASIC Charges Former Apogee Financial Adviser for Deception

By Editors | 03/03/2021

The ex-financial adviser obtained over A$1.5 million from Nulis Nominees, the trustee for the MLC Super Fund, on behalf of 168 clients.

RBNZ Policymaking Remit to Include Housing Price Sustainability

By Ranamita Chakraborty | 02/03/2021

The RBNZ will likely use prudential tools such as the LTV limits, bank stress testing, and capital requirements to deter certain types of mortgage lending.

Australia Passes Bill to Enhance Financial Advice Fee Disclosures

By Editors | 02/03/2021

Financial advisers will have to provide clients an annual, forward-looking summary of fees and corresponding services, in addition to existing disclosures.