Australia

Enforcement

ASIC Review Finds Widespread Mis-selling of Consumer Credit Insurance

By Editors | 12/07/2019

ASIC plans to take “significant enforcement action” against 11 lenders that inappropriately sold consumer credit insurance, and force remediation of over A$100m.

Enforcement

ANZ Agrees to Settle 2010 Fees-Related Class Action for A$1.5m

By Editors | 11/07/2019

Under the proposed settlement, which is subject to Federal Court approval, ANZ customers who were charged a fee for failing to make scheduled payments between two of their accounts will be able to claim refunds.

Capital / Liquidity

ASIC Defends Responsible Lending Guidance

By Editors | 11/07/2019

ASIC says the proposed responsible lending guidance is not about increasing requirements; rather, it seeks to clarify and update guidance on existing requirements.

Capital / Liquidity

APRA Orders A$500m Capital Charge for ANZ, NAB, Westpac

By Editors | 11/07/2019

The increase in capital requirements are to reflect weaknesses in operational risk management identified in the banks’ self-assessments.

Enforcement

ASIC to Target Short Term Credit Industry With New Powers

By Editors | 10/07/2019

Queensland-based Cigno and its associate, Gold-Silver Standard Finance, are the focus of ASIC’s proposed first use of its new product intervention power.

Capital / Liquidity

APRA Raises Capital Requirements for Big Banks

By Editors | 10/07/2019

The big four banks will need to raise A$50bn to meet higher loss-absorbing capacity requirements by 2024, though the increase is less than was proposed last November.

Market Infrastructure

ASIC Updates Assessment Procedures for AFS Licence Applicants

By Editors | 08/07/2019

Licence applicants are now required to provide certain additional information and documents in their application to allow ASIC to ensure responsible officers are of good fame or character.

Big Picture

Open Banking, APIs Will Unlock a Host of Opportunities: NPP Australia

By Editors | 08/07/2019

A new white paper from NPP Australia provides an overview of developments in other real-time payments markets, including opportunities and challenges for the payments sector.

Capital / Liquidity

APRA Relaxes Serviceability Assessment Standards for Mortgage Loans

By Editors | 08/07/2019

Under APRA’s new serviceability guidance, borrowers on a typical 4% mortgage rate can expect to be assessed at 6.25% rather than 7.25%, enabling them to immediately secure larger loans.