Australia

Conduct, Culture & Accountability

ASIC Imposes Licence Conditions on Societe Generale Securities

By Editors | 16/06/2020

Societe Generale Securities Australia self-reported to ASIC that it deposited client money into unauthorised bank accounts.

Supervision & Enforcement

ASIC Expects Higher Industry Levies for 2019-20

By Editors | 15/06/2020

The two biggest levy components are enforcement and surveillance which are 27% and 47% higher year-on-year, respectively.

Conduct, Culture & Accountability

ASIC Issues Guidance on Listed Company Executive Pay Decisions

By Editors | 14/06/2020

The high-level guidance set out specific factors boards and remuneration committees should consider when exercising discretion on executive variable pay in the current environment.

Anti-Money Laundering

AUSTRAC Ups Ante in Westpac Money Laundering Case

By Editors | 14/06/2020

AUSTRAC has requested information from Westpac on additional child exploitation cases the bank detected in its lookback, potentially to use in penalty negotiations.

Conduct, Culture & Accountability

New Zealand’s New Conduct Regime Not Adequately Developed

By Editors | 13/06/2020

The bill to introduce a new conduct regime in New Zealand is not yet adequately developed, say Consumer New Zealand, the NZBA, and the Financial Services Council.

Conduct, Culture & Accountability

NAB to Lift Industry Standards with Bank-Wide Education Programme

By Editors | 12/06/2020

The programme, to be launched in partnership with FINSIA, will be rolled out for all of NAB’s Australia and New Zealand bankers and support staff.

Trading & Investment

Australia: Banks Fail to Pass Rate Cuts to Credit Card Customers

By Editors | 10/06/2020

The credit cards with the largest rate increases are those backed by Citigroup, Members Equity Bank, Police Credit Union, and ANZ, according to consumer advocacy group CHOICE.

Conduct, Culture & Accountability

CBA Ordered to Pay A$5m Over Agricultural Lending Products

By Editors | 08/06/2020

CBA’s failures were attributed to the highly manual nature of the systems it used to apply package benefits, and the lack of systems or processes to check whether customers were receiving said benefits.

Payments & Settlements

Australia Considers Consolidation of Payment Infrastructures

By Editors | 08/06/2020

An industry committee has been set up to explore the benefits of a consolidating the NPP, BPAY and eftpos – […]