Australia

Supervision & Enforcement

Five Super Funds Fail APRA’s Second Performance Test

By Editors | 01/09/2022

Four of the five have now failed for a second time. Five other MySuper products that failed last year have now passed.

Anti-Money Laundering

AUSTRAC Orders AML Audit at The Perth Mint

By Manesh Samtani | 31/08/2022

Earlier reports suggest the audit could be related to Perth Mint’s previous relationship with Euro Pacific Bank, which was forced to close in Puerto Rico earlier this year.

Structural Regulation

ASIC Directs Super Trustees to Improve DDO Compliance

By Editors | 30/08/2022

ASIC reviewed target market determinations for superannuation products and found noncompliance and poor practices by some trustees.

Market Data & Technology

APRA Relaxes Phase 2 Timelines of Superannuation Data Project

By Editors | 29/08/2022

The overall consultation timeline for Phase 2 of the Superannuation Data Transformation project is being extended from 9 months to 14 months.

Structural Regulation

New Zealand FMA Sets Out Priorities in New Corporate Plan

By Editors | 29/08/2022

The FMA will prioritise work on three new legislative regimes: financial advice licensing, climate-related disclosures, and conduct licensing.

Conduct, Culture & Accountability

Australia Proposes Reduced Barriers to Financial Advice Profession

By Editors | 29/08/2022

Treasury proposes to remove tertiary education requirements for experienced financial advisers, and simpler requirements for new entrants to the industry.

Data Privacy

Australia Consults on CDR Expansion to Non Bank Lending

By Editors | 29/08/2022

A report from Treasury says information about non-bank lending products as well as customer information should be subject to CDR data-sharing obligations.

Structural Regulation

Australia to Simply Corporations and Financial Services Law

By Editors | 28/08/2022

Legislative amendments released for consultation are based on recommendations issued by the Australian Law Reform Commission late last year.

Capital Adequacy

NZ Government Takes Direct Ownership of Kiwibank

By Editors | 28/08/2022

The government pledged to support Kiwibank, New Zealand’s fifth-largest retail bank, to become a “genuine competitor in the banking industry”.