Australia

Enforcement

ASIC Launches Court Proceedings Against NAB Over Service Fees

By Editors | 18/12/2019

NAB is alleged to have broken the law more than 12,000 times by charging customers fees for no service and issuing defective fee disclosure statements.

ASIC Urges More Progress to Improve Insurance in Superannuation

By Editors | 18/12/2019

ASIC has observed improvements by a “significant number of trustees” as a result of the industry’s implementation of the Insurance in Superannuation Voluntary Code of Practice.

Capital / Liquidity

New Zealand Passes Bill to End Predatory Lending

By Editors | 17/12/2019

Effective from April 2021, the bill will cap the interest and fees on loans at 100% of the loan amount and introduce a 0.8% per day rate cap for high-cost loans.

Securities / Derivatives

NZ FMA Identifies Weaknesses in Fund Custody Arrangements

By Editors | 17/12/2019

An FMA review found that custody administration tasks are often being delegated back to fund managers, which weakens the separation of functions and duties.

Capital / Liquidity

APRA Investigates Westpac, Imposes Capital Surcharge

By Editors | 17/12/2019

APRA’s investigation will focus on the conduct that led to Westpac’s alleged 23 million AML breaches, and whether its senior managers breached the Banking Act, including the BEAR.

Market Infrastructure

APRA Delays Implementation of Product Responsibility under BEAR

By Editors | 16/12/2019

APRA will delay finalising its consultation on the product responsibilities under BEAR to align with the government’s proposed extension of the accountability regime.

Enforcement

RBNZ Orders ANZ New Zealand to Improve Director Attestation Processes

By Editors | 16/12/2019

A report from Deloitte shows some level of complacency in ANZ’s director attestation framework, but no evidence of a culture that supports non-compliance or deception.

Market Infrastructure

ASIC Increases Scrutiny on Audit Practices as Quality Drops

By Editors | 16/12/2019

ASIC’s latest inspection results show that audit firms did not obtain the required assurance in 26% of examined key audit areas, particularly in the audit of revenue and non-financial asset impairment.

Enforcement

APRA Imposes Licence Conditions on CBA-owned Avanteos Investments

By Editors | 13/12/2019

CBA-owned Avanteos Investments charged over 2200 deceased members adviser service fees for 15 years, resulting in a total financial impact of over A$6mn.