Australia

Market Infrastructure

‘Significant’ Governance Progress from Australian Banks – McPhee Report

By Manesh Samtani | 20/04/2018

Key initiatives introduced at banks include customer advocacy programmes, whistleblower protection policies and conduct background checks to stamp out staff with poor behaviour records.

Enforcement

ASIC Seeks Powers to Hasten Bank Remediation

By Manesh Samtani | 20/04/2018

Australian banks take on average over 4 years to identify misconduct, over 4 months to report it, over 7 months post-investigation to compensate customers.

Enforcement

Australia Consults on Enforcement Powers for Client Money Rules

By Editors | 19/04/2018

Draft law provides ASIC with wider range of tools to enforce better protections for client money held for OTC derivatives.

Enforcement

Australia Royal Commission Finds AMP Repeatedly Deceived Regulator

By Manesh Samtani | 19/04/2018

Wealth manager AMP covered up for years a policy of charging customers fees for advice they never received; sought to influence “independent” review into the practice to protect executives.

Market Infrastructure

APRA’s Economic and Financial Statistics Reform: A User’s Guide to Readiness

By Douglas Cheung | 19/04/2018

APRA may have delayed planned reforms to the Economic and Financial Statistics reported by banks, but banks can’t afford to be complacent, says Douglas Cheung, examining how banks should best prepare for the reforms.

Capital / Liquidity

Financial System Resilient but Concerns Remain – RBA

By JP Reimann | 17/04/2018

Australia’s Financial Stability Review says risks easing, financial system resilient; but dangers remain on household debt, weak risk control and poor culture at banks.

Market Infrastructure

Australia to Review Lack of Competition in Banking Sector

By Editors | 16/04/2018

The ACCC will examine a potential oligopolistic structure in Australia’s banking sector and review competitive practices that have allegedly led to higher barriers to entry for newcomers.

Enforcement

CBA, ANZ to Pay Compensation for Missing Financial Advice Records

By Editors | 16/04/2018

CBA and ANZ to pay $69mn and $36.4mn compensation, respectively, for failing to provide documentation of annual customer reviews.

Securities / Derivatives

ASIC Updates Client Money Guidance as New Restrictions Take Effect

By Editors | 06/04/2018

Licensees may not use OTC derivative client money for own obligations, working capital; new reporting requirements to increase transparency on client money use.