Australia

Capital / Liquidity

RBNZ Consults on Insurance Act, Solvency Standards

By Sanday Chongo Kabange | 02/12/2020

The consultations form part of a multi-year review to ensure the existing frameworks remain effective and promote public trust in the insurance sector.

Enforcement

ASIC Files Court Proceedings Against CBA for Overcharged Interest

By Sanday Chongo Kabange | 02/12/2020

The overcharging of interest in overdraft accounts was caused by a systems error, which CBA tried to fix manually. ASIC says the bank broke the law over 12,000 times.

Capital / Liquidity

APRA Penalises Westpac For Breaches of Liquidity Standards

By Editors | 01/12/2020

Westpac will have to apply a 10 percent add-on to the net cash outflow component of its LCR calculation until its shortcomings have been rectified.

Fintech / Regtech

APRA Grants TransferWise Licence to Directly Access NPP

By Editors | 30/11/2020

Access to Australia’s real-time payments system will enable TransferWise to reduce foreign exchange fees and wholesale banking costs.

Market Infrastructure

ASIC Issues Guidance on Managing LIBOR-related Conduct Risk

By Editors | 30/11/2020

The new guidance is aimed at assisting entities in establishing necessary arrangements to mitigate conduct risk associated with the discontinuation of LIBOR.

Fintech / Regtech

NZX to Create Industry Working Group on Capital Markets Technology

By Editors | 30/11/2020

The working group will develop a roadmap to solve for New Zealand’s lack of scale and geographic isolation through the use of technology.

Fintech / Regtech

Australia, Singapore to Trial Paperless Trade Using Blockchain

By Editors | 29/11/2020

The Australian Border Force, Singapore Customs, and IMDA, as well as industry groups and financial institutions, will participate in the trial.

Market Infrastructure

Australia Gets New Guidance for Internal Auditors in Financial Services

By Editors | 29/11/2020

The Better Practice Guide was developed by industry practitioners with APRA and ASIC serving as vocal observers and EY and KPMG providing secretariat support.

Capital / Liquidity

RBNZ to Re-instate Mortgage Lending Restrictions Early

By Editors | 29/11/2020

The RBNZ intends to re-impose LVR restrictions on high-risk lending with effect from 1 March 2021 – two months earlier than originally anticipated.