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Emerging Prudential Risks
Smaller Super Funds Face Bigger Sustainability Challenges: APRA
By Editors | 10/04/2022
On the whole, assets in small and medium sized super funds are declining. Large super funds can more easily spread their costs over a wider membership base.
Structural Regulation
ASX Proposes to Enhance Rules for SPPs, Material Placements
By Editors | 09/04/2022
ASX is seeking views on two alternative bases proposed for conducting a scale-back on security purchase plans, and proposes new disclosure requirements for material placements.
Supervision & Enforcement
ASIC Charges Firm for Offering Crypto Loans Without Credit Licence
By Sanday Chongo Kabange | 09/04/2022
ASIC has charged Helio Lending for falsely representing that it had a credit licence that allowed it to offer cryptocurrency-backed loans.
Capital Adequacy
APRA Consults on Interim Capital Reporting Standards
By Editors | 08/04/2022
APRA says it has made changes to better meet data needs, simplify reporting requirements, and reduce the need for future data collections and ad hoc requests.
PEPs & Sanctions
FSC Australia Issues Guidance on Russian Asset Divestment
By Editors | 08/04/2022
The guidance is for superannuation trustees, asset managers investing superannuation capital, and asset managers operating managed schemes with super funds as investors.
Conduct, Culture & Accountability
Westpac Penalised in Consumer Credit Insurance Mis-selling Case
By Editors | 08/04/2022
Westpac issued consumer credit insurance policies to customers who did not request the product, then asserted a right to payment which customers were not liable for.
Capital Adequacy
APRA to Align Definition of SFI Across Prudential Standards
By Editors | 06/04/2022
Under the changes, foreign-owned ADIs will only be considered a ‘significant financial institution’ for capital adequacy purposes if they are large or complex.
Emerging Prudential Risks
APRA Advances to Phase 2 of Superannuation Data Transformation
By Editors | 05/04/2022
Phase 2 will deliver more data on retirement outcomes, performance, efficiency, governance, risk management practices, fund operations and industry risks.
Fraud, Scams & Cybercrime
ASIC Launches Federal Court Proceedings Against Macquarie
By Editors | 05/04/2022
ASIC says Macquarie failed to properly detect and prevent unauthorised fee transactions by now-convicted former financial adviser, Ross Andrew Hopkins.
Data Privacy
Australian Banks Get More Time for Joint Account Data Sharing
By Editors | 05/04/2022
Non‑major Australian banks are being given an additional three months to commence sharing of joint account data.
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