Australia

FMA New Zealand Apologises for Privacy Breach

By Editors | 09/11/2019

The FMA identified 27 instances where complaints documents were accessed by internet searches through a portal on its website. Of these, 6 contained personal information.

Market Infrastructure

APRA Launches Superannuation Data Transformation Project

By Editors | 08/11/2019

The initiative aims to drive better industry practices, enhance the consistency of reported data, and make it easier to compare fund and product performance.

AML / KYC

Australia Has an IFTI Problem

By Eric Knight | 08/11/2019

Australia’s approach to international payments needs to change, and reporting entities need to update their legacy systems for better reporting, say Eric Knight and Nick Armstrong.

AML / KYC

Fintel Alliance Is Critical to Financial Crime Fight: AUSTRAC

By Editors | 07/11/2019

The Fintel Alliance reveals its operational results in its annual report. A second report sets out financial indicators to help FIs detect and report child sexual exploitation.

ESG / Sustainability

New Zealand Consults on Mandatory Climate Risk Reporting

By Editors | 06/11/2019

The discussion document sets out a proposed mandatory regime which seeks to ensure that material risks and opportunities are routinely considered in business and investment decisions.

Market Infrastructure

CHESS Replacement Project Creates Unfair Advantage: Chi-X Australia

By Editors | 05/11/2019

Chi-X Australia depends entirely on ASX for clearing services, and is concerned that the larger bourse could use the CHESS replacement project to gain further competitive advantages.

Enforcement

ASIC Initiates Civil Penalty Proceedings Against Former ANZ Business

By Editors | 04/11/2019

ASIC says that RI Advice Group, acquired by IOOF from ANZ last year, failed to take reasonable steps to ensure that one of its advisers, John Doyle, provided appropriate advice and acted in clients’ best interests.

Enforcement

Annual Report Shows FMA Exceeded Litigation Budget by 50pc

By Editors | 03/11/2019

The government has approved a three-fold increase in the FMA’s litigation fund to NZ$6mn for the 2019/2020 year, a day before the annual report was released.

Enforcement

Unauthorised New Zealand Adviser Jailed for 6 Years, 8 Months

By Editors | 31/10/2019

The sentence follows a conviction in August of 38 charges relating to a multi-million dollar fraud, set up to fund a lavish lifestyle and targeting vulnerable individuals.