Australia

Conduct, Culture & Accountability

ASIC: Financial Advice-related Compensation Tops A$1bn

By Editors | 24/08/2020

NAB accounts for about two-thirds of the total number of customers that received or were offered compensation as a result of fees-for-no-service misconduct or non-compliant advice.

Capital Adequacy

Australia Transitions to New Regulatory Regime for Litigation Funders

By Sanday Chongo Kabange | 24/08/2020

Litigation funders will have three months of transition relief before they have to mandatorily hold an AFS licence and comply with rules for managed investment schemes.

Cybersecurity

ASIC Takes Former ANZ Unit to Court Over Cybersecurity Failures

By Sanday Chongo Kabange | 24/08/2020

ASIC is seeking orders requiring RI Advice Group to pay a civil penalty and ensure it implements systems to adequately manage cyber risk.

Liquidity Risk

New Zealand Expands Business Finance Guarantee Scheme

By Editors | 20/08/2020

The maximum loan amount and maximum term are being increased, and more businesses will have access to the scheme, until 31 December.

Supervision & Enforcement

ASIC Launches Civil Proceedings in Two Fees-for-no-service Cases

By Sanday Chongo Kabange | 20/08/2020

ASIC has commenced ‘fees for no service’ cases against Asgard Capital Management, BT Funds Management, and StatePlus Super.

Credit Risk

RBNZ Extends Mortgage Deferral Scheme Another Six Months

By Editors | 17/08/2020

The extension means banks can continue to offer temporary mortgage deferrals to their customers without the loans being treated as in default.

Credit Risk

APRA, ASIC Update Guidance on Treatment of Deferred Loans

By Editors | 13/08/2020

Deferred loans need not be treated as past due or impaired for capital or reporting purposes until after 31 March. New reporting requirements will apply.

Emerging Prudential Risks

RBNZ Announces Expansion of Large-Scale Asset Purchases

By Editors | 12/08/2020

The RBNZ has expanded its quantitative easing programme to NZ$100bn and signalled a willingness to enter negative OCR territory, in response to Covid-19 related uncertainty.

Anti-Money Laundering

Australia Police Arrest Three on Money Laundering Charges

By Editors | 12/08/2020

Two of the men are accused of laundering tens of millions of dollars for an international money laundering organisation which includes several high-value targets of Australian law enforcement.