Australia

Enforcement

Advice Remediation at Six Biggest FIs Reaches A$750m: ASIC

By Editors | 12/02/2020

NAB has paid over A$203mn to over 588,000 customers as compensation for non-compliant advice and fees-for-no-service misconduct.

Enforcement

RBNZ Launches Streamlined External Whistleblowing Policy

By Editors | 11/02/2020

“Whistleblowing is a critical avenue for those wanting to shine a light on wrongdoing within regulated entities,” said RBNZ head of supervision Andy Wood.

Enforcement

Australia Passes Bills to Enhance Consumer Protections, Strengthen ASIC

By Editors | 10/02/2020

The bills introduce a best-interests duty for mortgage brokers, ban unfair contract terms in insurance, and enable ASIC to more effectively enforce existing laws.

Market Infrastructure

RBA Considers Mandating ‘Least Cost Routing’ – Reports

By Editors | 07/02/2020

Forcing banks to route payments through EFTPOS rather than Visa or Mastercard could save retailers an estimated A$500mn a year.

Enforcement

Banks Against Penalties Proposed in New Accountability Regime

By Editors | 07/02/2020

Australia’s new Financial Accountability Regime will subject accountable persons to penalties up to A$1.05mn per breach, or three times the benefit derived or detriment avoided, whichever is higher.

Enforcement

AMP Ordered to Pay A$5m Penalty for Insurance Churn

By Editors | 06/02/2020

A federal court ordered AMP to pay a A$5.175 penalty for failing to prevent its financial planners from engaging in insurance churn for higher commissions.

Fintech / Regtech

ACCC Publishes Final Data Sharing Rules for Open Banking

By Editors | 06/02/2020

The Consumer Data Right Rules give legislative force to consumer requests for banks to share their data with accredited data recipients.

AML / KYC

US Law Firms Launch New Class Actions Against Westpac

By Editors | 04/02/2020

The class actions seek damages for investors who lost money on Westpac ADRs following the civil penalty orders filed against the bank by AUSTRAC last November.

Market Infrastructure

New Zealand Consults on Options to Increase FMA Funding

By Editors | 03/02/2020

Under the base case, the FMA needs an additional NZ$20mn in annual funding to respond to cost pressures brought on, in part, by the new financial advice regime.