Australia

RBNZ Calls on Banks to Enhance Financial Inclusion Initiatives

By Sanday Chongo Kabange | 11/12/2024

The RBNZ identified good practices for deposit takers to consider embedding in their current practices to support financial inclusion.

ESG / Sustainability

APRA Publishes Details on Insurance Climate Vulnerability Assessment

By Thisanka Siripala | 11/12/2024

APRA said the insurance CVA will model insurance affordability at Australia’s five largest general insurers based on three climate scenarios.

Capital / Liquidity

RBNZ Publishes Results of ‘Digital Cash’ Consultation

By Sanday Chongo Kabange | 11/12/2024

If ‘digital cash’ is introduced, the earliest it would be is 2030. The RBNZ confirmed that issuing physical cash would remain a priority.

Capital / Liquidity

New Zealand to Raise Kiwibank’s Capital to Enhance its Competitiveness

By Editors | 11/12/2024

The government has also set new expectations for the RBNZ emphasising that it must place greater emphasis on competition in the banking sector.

Capital / Liquidity

APRA Confirms Plans to Phase Out AT1 Capital Instruments

By Thisanka Siripala | 10/12/2024

The transition will take place over eight years until 2032, when the last AT1 capital instruments reach their first call date.

AFCA ‘Refines’ Approach to Dispute Resolution Following Review

By Sanday Chongo Kabange | 10/12/2024

AFCA said it has completed a 3-year programme to respond to an independent review of its operations and “redefined” its approach to external dispute resolution.

APRA Finalises Phase 2 Enhancements to Superannuation Data Collections

By Thisanka Siripala | 10/12/2024

APRA will gain additional information from super funds about governance practices, product distribution arrangements, and investment governance.

Enforcement

ASIC Calls on Government to Ban Unfair Trading in Financial Services

By Sanday Chongo Kabange | 10/12/2024

ASIC’s Alan Kirkland says the proposed ban is needed to combat “dark patterns” which “distort, subvert, and undermine consumer choice”.

AML / KYC

Australia Sets Out Beneficial Ownership Disclosure Policy for Unlisted Companies

By Sanday Chongo Kabange | 09/12/2024

Beneficial ownership information will be accessible to journalists, academics, AML/CTF reporting entities, regulators and law enforcement.