Australia

Conduct, Culture & Accountability

Australia Proposes Industry-Funded Compensation Scheme of Last Resort

By Editors | 25/12/2019

The scheme will ensure that consumers and small businesses receive a payout in cases where compensation has been awarded but the financial services provider is unable to pay.

Cloud & Infrastructure

ASIC Publishes Findings from 2019 Regtech Initiatives

By Editors | 25/12/2019

Participants said the exponential growth in data volume means the financial services industry must consider implementing regtech as an ‘imperative’ to undertake risk management and compliance functions.

Conduct, Culture & Accountability

ASIC, APRA Issue Updates on Governance, Accountability

By Editors | 25/12/2019

The updates are a response to the Royal Commission, which called on both regulators to reform their internal accountability frameworks to reflect requirements prescribed by BEAR.

Credit Risk

ASIC Launches Court Proceedings Against Volkswagen Financial Services

By Editors | 24/12/2019

ASIC says Volkswagen contravened the responsible lending provisions of the National Credit Act in relation to 49,380 loan contracts.

Emerging Prudential Risks

APRA Issues 2nd Consultation Package on Superannuation Data Collection

By Editors | 24/12/2019

APRA has released two topic papers addressing the most urgent gaps in its data collection, particularly for choice products and investment options.

Conduct, Culture & Accountability

Governance, Accountability in Focus in Phase Two Review of RBNZ Act

By Editors | 23/12/2019

The government will progress a number of key ‘in-principle’ decisions of the review by enacting two separate Acts to replace the Reserve Bank of New Zealand Act 1989.

Anti-Money Laundering

Westpac Faces Shareholder Class Action for Possible Disclosure Failures

By Editors | 23/12/2019

The class action, filed by law firm Phi Finney McDonald, will rest on whether Westpac breached disclosure obligations or misled investors about the extent of its AML compliance failures.

Credit Risk

APRA Modifies Large Exposures Framework for ADIs

By Editors | 23/12/2019

APRA has extended the exemption for government-related entities to connecting counterparties involving economic interdependence and control relationships.

Conduct, Culture & Accountability

ASIC Reports High Levels of FX Global Code in Wholesale Markets

By Editors | 23/12/2019

In a new report, ASIC highlights its observations of good and poor practices used by participants operating in the wholesale foreign exchange market.