Australia

APRA Heatmap Having Desired Effect on Super Fees

By Editors | 02/07/2020

APRA is putting more than a dozen MySuper trustees on notice that it is considering enforcement action against those that continue to underperform on fees.

Enforcement

SocGen Australia Pleads Guilty to Client Money Offences

By Editors | 02/07/2020

SocGen failed to pay client money into segregated authorised bank accounts and made payments out of a client money account that were not permitted.

Fintech / Regtech

Australia Launches Open Banking Data Sharing Regime

By Editors | 01/07/2020

The big four banks have opened up their deposit, transaction account, credit and debit card data for customers to share with other major banks or accredited fintech providers.

ASIC Offers Whistleblower Guidance for Auditors, Company Officers

By Editors | 01/07/2020

The guidance explains the obligations of company auditors and company officers under the whistleblower protection provisions under the Corporations Act.

Market Infrastructure

ASX Proposes April 2022 Go-Live of CHESS Replacement

By Editors | 30/06/2020

The revised timetable accounts for Covid-19 related disruptions, accommodates functionality changes, and provides more time to ensure user readiness.

New Zealand Sets Out Disclosure Rules for Financial Advisers

By Editors | 30/06/2020

Financial advisers will have to disclose to clients details about fees, the range of products they advise on, conflicts of interest and commissions they may earn.

Enforcement

ABA Temporarily Amends Banking Code in Light of Covid-19

By Editors | 29/06/2020

The changes related to the timelines for customer communication outlined in the Code, and to banks’ obligations when lending to small business customers.

Enforcement

RBNZ Secures Funding to Boost Supervisory, Enforcement Capability

By Editors | 28/06/2020

The RBNZ will direct the additional funding towards its supervisory and enforcement capability, technology infrastructure and security architecture.

Securities / Derivatives

APRA Seeks Additional Data from Superannuation Licensees

By Editors | 25/06/2020

Superannuation licensees will have to report monthly and quarterly data covering areas such as complaints, insurance claims, operational resilience, FX exposure, and liquidity.