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Friday 22 June 2018




News Summary 


Money Management 

Money Management has reported that CBA reached a settlement with the Australian Securities and Investments Commission (ASIC) of $25 million for unconscionable conduct in relation to the Bank Bill Swap Rate (BBSW).
 
$5 million will go the regulators costs and litigation, $15 million will go to the consu...

By the GRC Professional

Thursday 21 June 2018




Financial Services 

 Powers of Attorney (POA) can help empower banks to tackle elder financial abuse.
The Australian Banking Association (ABA) has called on the public to help tackle elder abuse, announcing a collaborative effort with the National Seniors and the Council on Ageing, the Older Person’s Action Network, and the Finance Sector U...

By the GRC Professional

Thursday 21 June 2018



Fintech

 
So how is the UK handing the question of competition and innovation in their own markets?

While competition and innovation seem to go hand-in-hand, sometimes they need help from yet another invisible hand, says Christopher Woolard, Executive Director of Strategy and Competition at the Financial Conduct Authority (FCA).

“At the h...

By the GRC Professional




Regulations


Following a year-long consultation period, the corporate regulator has released its financial benchmarks and regulatory guide.

“This is another significant step in ensuring continued market confidence in Australian financial benchmarks, so that they remain robust and reliable. The public can be confident that these critical be...

By the GRC Professional

Tuesday 12 June 2018



The Australian Competition and Consumer Commission (ACCC) has called for submissions from the insurance industry into how insurance premiums are set in northern Australia.

“Our inquiry aims to address concerns about insurance availability and affordability, promote informed and competitive insurance markets, and make a difference for consumers...

By the GRC Professional



The regulators and industry agree that the Regtech Association recent conference demonstrated a key interest to collaborate.

At the Australian Securities and Investments Commission (ASIC) Regtech Liaison meeting which was held in June of this year, Mark Adamson innovation Hub Coordinator at the ASIC said that the #AccelerateRegtech conference ...

By the GRC Professional

Tuesday 12 June 2018



Penalties 
 
The UK’s Canara Bank is being made to pay £896,100 (approximately AUD$1.5 M) and has been banned from receiving deposits for 147 days in response to compliance failures in their anti-money-laundering systems.

The bank was granted a 30% discount on the fine due to their cooperation with the Financial Conduct Authority (FCA).

A...

By the GRC Professional




News summary 
 
Financial Review

In a dramatic bid to pre-empt a move by the corporate regulator to strip it of its operating license, financial planning business, Dover Financial, has closed its doors and will lose its Australian Financial Services Licence (AFSL) as of 6 July.

According to a report by the Australian Financial Review, ...

By the GRC Professional




News Summary 

Reuters

Earlier this week, Reuter reported that the US Treasury has placed sanctions on three individuals and five companies.

According to the report, this is because all are accused of committing cyber-attacks against the United States and its allies in collusion with Russian military and intelligence.

“The United Sta...

By the GRC Professional

Friday 8 June 2018


Regulations 

The Australian Prudential Regulation Authority (APRA) announced measures that will ’clarify and strengthen’ the role of the insurance sector’s Appointed Actuary.

Prudential regulator said that the CPS320 harmonises the prudential requirements for the insurance sector.

The regulator said:


Following consultation papers rel...

By the GRC Professional