Australia

Enforcement

AFCA Consults on Expanded Remit to Cover Legacy Complaints

By Editors | 20/03/2019

The consultation follows the government’s recent expansion of AFCA’s remit allowing it to handle legacy complaints dating back to 1 January 2008.

Enforcement

Australia Consults on Making Industry Codes Legally Enforceable

By Editors | 19/03/2019

The Treasury is proposing legislative amendments to make industry codes of conduct legally enforceable, where contraventions will constitute a breach of the law.

Market Infrastructure

Australian Banks on Track to Meet 2020 Deadline on Staff Pay Reforms

By Editors | 15/03/2019

Policies at banks are on track to be fully consistent with the staff pay reform recommendations well in advance of 2020, says former public service commissioner Stephen Sedgwick.

Enforcement

APRA to Publish Names of Worst Performing Super Funds

By Editors | 15/03/2019

APRA plans to publish the names of Australia’s worst performing superannuation funds in a drive to improve investor outcomes, standards and accountability in the industry.

Market Infrastructure

Climate Change Poses Financial Stability Risk – RBA

By Editors | 14/03/2019

Financial stability could be put at risk from the physical impact of climate change and “an abrupt disorderly transition” to a low-carbon economy.

Market Infrastructure

Australia Reverses Course on Mortgage Broking Trail Commissions

By Editors | 13/03/2019

Following strong industry backlash, the Australian government has decided not to prohibit trail commissions for mortgage brokers, and instead conduct a review into the issue in 3 years.

Market Infrastructure

ASX Proposes New Requirements for Clearing, Settlement Participants

By Manesh Samtani | 12/03/2019

ASX is consulting on new disaster recovery, business continuity and cyber resilience requirements for clearing and settlement participants.

Enforcement

Australian Banks Taking Too Long to Fix ‘Fees-For-No-Service’ Failings – ASIC

By Editors | 12/03/2019

Delays attributed to poor record-keeping and systems, failures to implement methodologies to identify and compensate customers, and an overly legalistic approach at some institutions.

Enforcement

AFCA Finalises Over 18,000 Complaints in Four Months

By Editors | 08/03/2019

Australia’s four months old ‘one stop shop’ for financial services dispute resolution has finalised 18,390 complaints, yielding more than A$54mn in awards to consumers and small businesses.