Australia

Enforcement

New Zealand to Introduce New Conduct Oversight Regime

By Editors | 27/09/2019

New legislation to implement the regime is expected by year-end, empowering the FMA with stronger enforcement tools and the ability to impose higher penalties for conduct breaches.

Enforcement

RBNZ to Start Publishing Regulatory Breaches by Banks

By Editors | 25/09/2019

The RBNZ will start publishing banks’ regulatory breaches on its website next year in a bid to improve transparency and market discipline.

APRA Wants More Data on Lenders’ Property Exposures

By Editors | 25/09/2019

APRA is proposing to incorporate more detailed data on residential property exposures and new housing loan approvals in its QPEX statistical publication.

Enforcement

APRA’s Authority Potentially Undermined by IOOF Court Loss

By Editors | 25/09/2019

APRA initiated court action against IOOF seeking to ultimately disqualify its executives from the industry, but instead the court dismissed the regulator’s case.

AML / KYC

AUSTRAC Orders AML/CTF Audit at PayPal Australia

By Editors | 24/09/2019

AUSTRAC’s order follows a self-reported issue PayPal detected in its reporting system for international fund transfer instructions, which it said it was working to remediate.

Enforcement

ClearView Completes Advice Remediation Programme

By Editors | 20/09/2019

Financial compensation totalling A$730,000 was offered to 215 clients who were harmed by poor advice, while another 21 clients received non-financial remediation.

Enforcement

Australia Reintroduces Amnesty Bill for Unpaid Superannuation

By Editors | 19/09/2019

The bill will provide amnesty to employers who have underpaid superannuation up to 27 years ago, if they disclose their failures within two years and repay the full amount.

Market Infrastructure

ACCC Chair Flags Lack of Competition in Retail Banking

By Editors | 19/09/2019

The ACCC’s Rod Sims said the lack of competition is not surprising in a market dominated by four players, where no other players have managed to make serious inroads to displace them.

Market Infrastructure

RBNZ, FMA Unimpressed by Insurers’ Inaction on Conduct Risk

By Editors | 18/09/2019

RBNZ governor Adrian Orr says the sector has failed to demonstrate the necessary urgency and prioritisation to provide effective governance and monitoring of conduct risk.