Australia

APRA Proposes Best Interests Duty for Insurance in Superannuation

By Editors | 26/11/2019

Superannuation funds which use related parties to deliver insurance will need to certify that the arrangements are in the best interests of members.

AML / KYC

UPDATED – Westpac Announces Plan to Address AML/CTF Failings

By Editors | 26/11/2019

Westpac is determined to urgently fix the issues raised by AUSTRAC and lift its standards. ASIC and APRA have begun investigations into the bank.

Securities / Derivatives

EFS Reporting for Derivatives to Start in Q3 2020: APRA

By Editors | 23/11/2019

APRA has determined that only ANZ, BNP Paribas, Citibank, CBA, Deutsche Bank, HSBC, JP Morgan, Macquarie, MUFG, NAB, Sumitomo Mitsui and Westpac will be required to report under ARS 722.0.

Capital / Liquidity

RBNZ Sanctions NAB’s Bank of New Zealand for Capital Calculation Errors

By Editors | 23/11/2019

Bank of New Zealand is the third of the big four banks in New Zealand to be forced to hold more capital as a result of capital calculation errors.

Market Infrastructure

ACCC Authorises ABA Changes to Banking Code of Practice

By Editors | 23/11/2019

The ACCC’s authorisation was needed because changes to the Code to reflect the royal commission recommendations required competing banks to reach an agreement through the ABA.

Enforcement

ANZ, Westpac Face Class Actions Just Days After NAB Settlement

By Editors | 22/11/2019

Law firm Slater and Gordon has launched class actions against ANZ and Westpac over the sale of consumer credit insurance products, on the heels of winning a near A$50m settlement from NAB.

Aussie Banks Adopt Safeguards Against Unfair Debt Collection Practices

By Editors | 21/11/2019

The move comes after hundreds of vulnerable debtors who have had their homes put at risk in bankruptcy court this year over relatively small debts.

Enforcement

CBA’s CommInsure Faces A$1.85mn Penalty for Unsolicited Sales Calls

By Editors | 21/11/2019

The penalty will be in addition to the A$12mn CommInsure has said it will pay to 30,000 policyholders to remediate telephone sales conduct issues.

Capital / Liquidity

APRA Consults on Revised Leverage Ratio Requirements

By Editors | 21/11/2019

APRA intends to adopt BCBS revisions to the leverage ratio standard and disclosure requirements, and allow IRB ADIs to adopt modified SA-CCR early for public disclosure.