Australia

Australia Passes Bill to Recover ‘Lost’ Superannuation for Members

By Manesh Samtani | 01/03/2021

Accounts transferred from Eligible Rollover Funds to the ATO will be proactively reunited with members’ superannuation accounts within 28 days.

Fintech / Regtech

Westpac Announces New Partner in Digital Banking Push

By Ranamita Chakraborty | 01/03/2021

Westpac and SocietyOne have signed a partnership expand digital banking services to customers in the second quarter of this year.

Australia Launches ‘Buy Now Pay Later’ Code of Conduct

By Ranamita Chakraborty | 27/02/2021

The code makes AFCA membership compulsory and incorporates ASIC’s new design and distribution obligations regime.

Enforcement

ASIC Files Charges Against Allianz, AWP Over False Advertising

By Editors | 27/02/2021

Allianz faces a maximum penalty of A$8mn for each of seven charges for making false or misleading statements regarding the sale of travel insurance products.

Enforcement

ASIC Commences Legal Proceedings Against NAB Over Unlawful Fees

By Editors | 27/02/2021

ASIC says NAB charged some customers periodic payment fees when they were entitled to an exemption, and charged other customers the wrong fee.

Australia Launches Review of AFCA’s Functions, Performance

By Editors | 25/02/2021

The Treasury will ascertain whether AFCA is operating effectively and achieving its objectives, and whether there is a need for a mechanism for reviewing the substance of its decisions.

Enforcement

ASIC Offers Immunity to Market Misconduct Whistleblowers

By Editors | 25/02/2021

Under ASIC’s new immunity policy, individuals who have engaged with others to commit market misconduct offences can seek immunity by reporting the misconduct.

Big Picture

Australia On Track for Smooth IBOR Transition: S&P Global

By Manesh Samtani | 24/02/2021

Like other jurisdictions, AONIA does not yet have an established term market, however banks and corporates can reference the three-month BBSW where a term rate is needed.

Market Infrastructure

Pandemic Provides Key Lessons on Outsourcing Risk: APRA

By Ranamita Chakraborty | 24/02/2021

Speaking at a virtual event hosted by GARP, APRA’s Sean Carmody said the pandemic highlighted financial industry dependencies on certain third-party providers.