Australia

Enforcement

Compensation for Poor Advice Reaches A$120m: ASIC

By Editors | 02/08/2019

NAB paid the most to compensate customers for failures by the largest number of advisers, and is expected to take the longest to complete its remediation programme.

Fintech / Regtech

Australia Passes Consumer Data Right Legislation

By Manesh Samtani | 02/08/2019

The passage of the Consumer Data Right legislation clears the way for open banking to start in Australia in February 2020.

Enforcement

NPP Australia Responds to RBA on Platform Access, Functionality

By Editors | 01/08/2019

Effective immediately, NPP Australia has established a mandatory compliance framework allowing it to designate core capability requirements and enforce compliance through non-compliance charges.

Australia Introducing Bill to End Conflicted Remuneration

By Editors | 31/07/2019

Draft bill to end unfair terms in insurance contracts released on Tuesday; bill to end grandfathering of conflicted remuneration to being introduced Thursday.

Fintech / Regtech

RBA Policy Shift Opens Australian Payments Market to Tech Firms

By Manesh Samtani | 31/07/2019

An RBA policy update will make it easier for fintechs – and so-called BigTechs – to enter Australia’s payments system without having to obtain a banking licence.

Securities / Derivatives

ASIC Proposes Disclosure Relief for Agent Securities Lenders

By Editors | 30/07/2019

The proposed relief will defer substantial holding notifications required of agent lenders to the time when lending authority is first exercised.

Market Infrastructure

Singapore, Australia Benchmarks Gain EU Equivalence

By Editors | 30/07/2019

The European Commission has adopted equivalence decisions for Australian and Singapore financial benchmarks, but repealed existing equivalence for credit rating agencies.

Capital / Liquidity

ANZ Adjusts Risk Weights on New Zealand Loan Portfolios

By Editors | 30/07/2019

The changes follow the RBNZ’s revocation of ANZ’s right to model its operational risk capital requirements in May.

Market Infrastructure

NAB Notifies 13,000 Customers of Data Breach

By Editors | 29/07/2019

Australia’s fourth largest bank says the personal data uploaded to servers without authorisation was not copied or further disclosed, and has since been deleted.