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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.
Fintech / Regtech
Australia: Consumer Data Right Legislation Could Delay Open Banking
By Editors | 05/07/2019
The Consumer Data Right Bill is needed for banks to be able to transfer their customers’ personal data to another institution, a cornerstone of the open banking initiative.
Capital / Liquidity
Australia, India Compliant with NSFR, Large Exposures Framework
By Editors | 05/07/2019
The BCBS has assessed the implementation of the NSFR and large exposures framework in Australia and India to be ‘compliant’ with its standards.
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