Australia

Enforcement

AMP Ordered to Pay A$5m Penalty for Insurance Churn

By Editors | 06/02/2020

A federal court ordered AMP to pay a A$5.175 penalty for failing to prevent its financial planners from engaging in insurance churn for higher commissions.

Fintech / Regtech

ACCC Publishes Final Data Sharing Rules for Open Banking

By Editors | 06/02/2020

The Consumer Data Right Rules give legislative force to consumer requests for banks to share their data with accredited data recipients.

AML / KYC

US Law Firms Launch New Class Actions Against Westpac

By Editors | 04/02/2020

The class actions seek damages for investors who lost money on Westpac ADRs following the civil penalty orders filed against the bank by AUSTRAC last November.

Market Infrastructure

New Zealand Consults on Options to Increase FMA Funding

By Editors | 03/02/2020

Under the base case, the FMA needs an additional NZ$20mn in annual funding to respond to cost pressures brought on, in part, by the new financial advice regime.

Market Infrastructure

Australia Drafts Laws on 22 Royal Commission Recommendations

By Editors | 03/02/2020

The draft legislation is aimed at enhancing protections for consumers and small businesses, and strengthening the role of ASIC and APRA.

Capital / Liquidity

APRA Publishes Strategic Priorities for the Year Ahead

By Editors | 31/01/2020

Chairman Wayne Byres says publishing APRA’s policy and supervision priorities supports the regulator’s commitment to greater transparency and accountability.

Market Infrastructure

RBNZ Endorses Official Cash Rate as Fallback Benchmark

By Editors | 31/01/2020

New Zealand will operate a dual interest rate benchmark system, retaining the Bank Bill Benchmark Rate and using the OCR as its fallback.

Enforcement

ASIC Bans Adviser for Bad Investment Recommendation

By Editors | 29/01/2020

A former adviser of NAB-owned Godfrey Pembroke failed to act in his clients’ best interests by recommending they invest in a mobile payments start-up that later failed.

Securities / Derivatives

Australia to Decide on Removal of ‘Conflicted’ Stamping Fees

By Editors | 28/01/2020

Fund managers have been paying ‘conflicted’ up-front commissions to financial advisers and brokers under a 2014 exemption, which ASIC says has resulted in worse investment returns.