Australia

    ESG / Sustainability

    APRA Outlines Next Steps in Key Climate-related Initiatives

    By Sanday Chongo Kabange | 15/03/2021

    APRA will consult on a draft prudential practice guide on climate change financial risk within H1. The first results of big banks’ climate vulnerability assessments will be ready by Q4.

    Enforcement

    ASIC Imposes Licence Conditions on OTC Derivatives Issuer AxiCorp

    By Editors | 15/03/2021

    ASIC has agreed to set aside a January 2020 decision to suspend AxiCorp’s AFS licence following the imposition of additional licence conditions.

    AML / KYC

    APRA Ends Westpac Probe into Possible Banking Law Breaches

    By Editors | 14/03/2021

    The investigation did not find evidence of breaches of the Banking Act or the BEAR, according to APRA Deputy Chair John Lonsdale.

    ASIC Consults on Deferred Sales Model for Add-on Insurance

    By Ranamita Chakraborty | 13/03/2021

    From 5 October, the deferred sales model will introduce a four-day pause between the sale of a principal product or service and the sale of add-on insurance.

    Enforcement

    NZ Court Fines ANZ Over Credit Card Repayment Insurance

    By Editors | 13/03/2021

    The judge said ANZ should have been “sufficiently robust” in its ability to detect issues early, given its size, resources and position in New Zealand’s market.

    Australia Announces Expansion of SME Loan Guarantee Scheme

    By Editors | 11/03/2021

    The government will guarantee up to 80 percent of the loans under the scheme, while also increasing the loan limit and allowing larger businesses to also benefit.

    Enforcement

    ACCC Accepts Visa Commitment to Address Competition Concerns

    By Editors | 11/03/2021

    Visa is legally bound to ensuring that merchants will not pay higher processing costs if they process debit card payments through eftpos rather than the Visa network.

    Market Infrastructure

    APRA to Adopt New Consultation Approach to Data Collection

    By Manesh Samtani | 11/03/2021

    APRA plans a consultation process that will allow it to design its data collections in a way that will minimise friction and reduce the regulatory burden of regulated entities.

    APRA Demands Sustainable Insurance in Superannuation

    By Ranamita Chakraborty | 11/03/2021

    APRA is concerned about premium volatility, the availability and provision of data, and tender practices used by insurers to win business.

    Enforcement

    APRA Accepts Court Enforceable Undertaking from Allianz

    By Editors | 11/03/2021

    Allianz Australia acknowledges previous risk and compliance weaknesses and emphasises its commitment to addressing these issues.

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