Australia

Operational Risk

APRA Urges Super Licencees to Simplify, Consolidate Products

By Editors | 23/07/2020

This level of choice in the super industry may work against competition, overwhelming members with the more than 40,000 available options, says APRA’s Helen Rowell.

Capital Adequacy

APRA Signals Intent to Ease Bank Dividend Restrictions

By Editors | 23/07/2020

APRA will modify its capital management guidance next week to account for a ‘longer-term outlook’, chairman Wayne Byres said.

Conduct, Culture & Accountability

ASIC to Seek Reforms to Responsible Lending Laws

By Manesh Samtani | 22/07/2020

ASIC has decided not to appeal the dismissal of its responsible lending case against Westpac; instead it will review its existing guidance and recommend legislative reforms.

Conduct, Culture & Accountability

ASIC Commences Civil Penalty Proceedings Against FX Firm

By Sanday Chongo Kabange | 22/07/2020

Forex Capital Trading and its sole director allegedly used high pressure sales tactics, false or misleading statements, and conflicted remuneration to maximise trading volume and client deposits.

Credit Risk

Australia Extends Coronavirus SME Guarantee Scheme

By Editors | 20/07/2020

With the extension, the government is expanding the allowed purpose of the loans, increasing the maximum loan size and duration, and allowing secured lending and repayment holidays.

Fraud, Scams & Cybercrime

ASIC Charges Former MP with Fraud, Director Breaches

By Editors | 20/07/2020

Former MP Clive Palmer is said to have used his mining company to channel over A$12.1 million into his political party’s 2013 election campaign.

Conduct, Culture & Accountability

Westpac Unveils Change Programme to Fix Risk Culture

By Editors | 19/07/2020

Westpac says aspects of its nonfinancial risk culture are “immature and reactive”, and that the bank is “overly complex”, resulting in unclear accountabilities and challenges in execution.

Structural Regulation

Australia Mulls Measures to Establish Regional Financial Hub

By Editors | 16/07/2020

Australian Senator Andrew Bragg wrote to Treasurer Josh Frydenberg suggesting reforms to capitalise on Hong Kong’s recent political changes.

Liquidity Risk

Sri Lanka Relaxes Rules for Capital Inflows, Restricts Outflows

By Duruthu E Chandrasekera | 16/07/2020

Sri Lanka has increased the amount of foreign currency that can be physically brought into the country to be deposited into a ‘Special Deposit Account’.