Australia

ASIC Drafts Guidance on New Mortgage Broker Best Interests Duty

By Editors | 22/02/2020

ASIC proposes mortgage brokers be required to identify what interests they or their related parties have, and to not provide credit assistance where it is not possible to prioritise consumer interests.

Market Infrastructure

Australia: Preparing for the Financial Accountability Regime

By Manesh Samtani | 21/02/2020

An essential first step to prepare for the FAR is for organisations to clarify internal lines of accountability, says APRA’s Helen Rowell.

Market Infrastructure

New Zealand Takes Step Towards New Financial Conduct Regime

By Editors | 19/02/2020

New legislation to establish an effective fair conduct regime for the financial sector has passed its first reading in New Zealand.

Fintech / Regtech

AUSTRAC, Home Affairs Dept Highlight Benefits of Blockchain

By Editors | 18/02/2020

The Department of Home Affairs and AUSTRAC say blockchain has the potential to significantly reduce compliance costs and the regulatory burden imposed on reporting entities.

Enforcement

APRA, ASIC Welcome Reforms on Superannuation Regulation

By Editors | 17/02/2020

ASIC will be focused on conduct issues involving superannuation trustees, while APRA will be focused on prudential supervision of trustee activities.

Enforcement

ASIC Imposes Lifetime Ban on Macquarie Equities Adviser

By Editors | 17/02/2020

The adviser misrepresented the value of his client’s portfolio on 19 separate occasions, and engaged in trading without proper authority of the client.

Fintech / Regtech

Australia Blockchain Roadmap Receives Mixed Response

By Editors | 15/02/2020

FinTech Australia chair Alan Tsen says the roadmap is disappointing, lacks vision and focuses on use cases that “felt like they’ve been written by a consulting firm space”.

ASIC Asks Superannuation Trustees to Improve Member Communications

By Editors | 14/02/2020

ASIC’s review of communications material from 12 superannuation funds found that some trustees are not always sufficiently focused on their members’ needs.

Fintech / Regtech

ASX is Transforming Entire Technology Stack, says CEO

By Editors | 14/02/2020

Managing director and CEO Dominic Stevens said ASX’s strategy is not just about replacing CHESS or upgrading the futures trading system; the bourse is transforming its entire technology stack.