Australia

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    Australia Passes First Tranche of Financial Advice Reforms

    By Sanday Chongo Kabange | 05/07/2024

    The legislation seeks to streamline the delivery of financial advice while strengthening transparency and protections for consumers.

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    Enforcement

    FMA Censures DeVere for FAP Licence Breaches

    By Sanday Chongo Kabange | 05/07/2024

    The FMA censured deVere for failing to ensure its clients understood the financial advice offered to them.

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    Market Infrastructure

    ASIC Explores AI for Insider Trading Surveillance

    By Sanday Chongo Kabange | 04/07/2024

    The Australian regulator is exploring AI and machine learning for potential insider trading surveillance and detection.

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    ASIC Directs Licensees To Correct Advisor Records on FAR

    By Sanday Chongo Kabange | 04/07/2024

    ASIC has directed AFS licensees to immediately correct records on the Financial Advisers Register or face enforcement action.

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    Market Infrastructure

    APRA Updates Guidance on Strategic Planning for Super Funds

    By Sanday Chongo Kabange | 04/07/2024

    The updated guidance for super funds will apply from 1 July 2025 and sets clear expectations for trustees regarding expenditure.

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    Market Infrastructure

    APRA, ASIC Find Gaps in Super Trustees’ Retirement Strategies

    By Sanday Chongo Kabange | 04/07/2024

    ASIC and APRA have urged super trustees to strengthen oversight of retirement strategy implementation after a survey found gaps.

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    Enforcement

    Australia: ANZ Sanctioned for Charging Deceased Customers

    By Sanday Chongo Kabange | 03/07/2024

    The BCCC sanctioned ANZ for breaching its obligations under the Banking Code of Practice in relation to deceased customers.

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    Market Infrastructure

    AFCA Publishes New Rules and Operational Guidelines

    By Sanday Chongo Kabange | 02/07/2024

    The new rules are approved by ASIC and provide complete transparency into how the AFCA operates.

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    AML / KYC

    FSC Issues New Standard on Fraud and Scam Mitigation for Super Funds

    By Sanday Chongo Kabange | 02/07/2024

    The new standard requires funds to implement multifactor authentication for all high-risk transactions and to have clear procedures to prevent fraudulent events.

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    Capital / Liquidity

    APRA Identifies Recovery Planning Weaknesses at Super Funds

    By Editors | 02/07/2024

    APRA said improvements are needed to meet new recovery and exit planning requirements by 1 January 2025.

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