Australia

Anti-Money Laundering

US Law Firms Launch New Class Actions Against Westpac

By Editors | 04/02/2020

The class actions seek damages for investors who lost money on Westpac ADRs following the civil penalty orders filed against the bank by AUSTRAC last November.

Structural Regulation

New Zealand Consults on Options to Increase FMA Funding

By Editors | 03/02/2020

Under the base case, the FMA needs an additional NZ$20mn in annual funding to respond to cost pressures brought on, in part, by the new financial advice regime.

Structural Regulation

Australia Drafts Laws on 22 Royal Commission Recommendations

By Editors | 03/02/2020

The draft legislation is aimed at enhancing protections for consumers and small businesses, and strengthening the role of ASIC and APRA.

Supervision & Enforcement

APRA Publishes Strategic Priorities for the Year Ahead

By Editors | 31/01/2020

Chairman Wayne Byres says publishing APRA’s policy and supervision priorities supports the regulator’s commitment to greater transparency and accountability.

Structural Regulation

RBNZ Endorses Official Cash Rate as Fallback Benchmark

By Editors | 31/01/2020

New Zealand will operate a dual interest rate benchmark system, retaining the Bank Bill Benchmark Rate and using the OCR as its fallback.

Supervision & Enforcement

ASIC Bans Adviser for Bad Investment Recommendation

By Editors | 29/01/2020

A former adviser of NAB-owned Godfrey Pembroke failed to act in his clients’ best interests by recommending they invest in a mobile payments start-up that later failed.

Conduct, Culture & Accountability

Australia to Decide on Removal of ‘Conflicted’ Stamping Fees

By Editors | 28/01/2020

Fund managers have been paying ‘conflicted’ up-front commissions to financial advisers and brokers under a 2014 exemption, which ASIC says has resulted in worse investment returns.

Conduct, Culture & Accountability

NAB Units Face Class Action for Mismanaged Superannuation

By Editors | 27/01/2020

The case will focus on NAB’s alleged failure to transfer A$6.3mn of accrued default amounts to MySuper in a timely fashion, as required by law.

Data Privacy

Australia Considers Opening ‘Write’ Access Under Open Banking

By Editors | 24/01/2020

The government will consider expanding the consumer data right to allow ‘write’ access by entities other than banks, similar to how the EU’s PSD2 operates.