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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 Kwame Slusher



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 Kwame Slusher

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 Kwame Slusher




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 Kwame Slusher




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 Kwame Slusher

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 Kwame Slusher





Regulations 

 
Increased regulatory involvement with RegTech shows the progression of interest in regulators of the financial industry to develop their own suptech capabilities.

This is but one of the issues raised at the Australian Securities and Investments Commission (ASIC) Liaison Meeting, held in June of this year.

Key items disc...

By Kwame Slusher



Financial Crime 


AML/CTF compliance and effective risk management should be embedded into a company’s strategy and practices—something the Commonwealth Bank of Australia (CBA) has learned, after settling for a $700 million fine to resolve Federal proceedings.

This settlement is about 16 times that of the previous record—Tabcorp’s fine of $4...

By Kwame Slusher



Regulation 


Health insurers have been called upon to only employ remuneration strategies that will have positive outcomes for consumers.

New Zealand’s Financial Monetary Authority (FMA) report analysed the impact of remuneration strategies that insurers used for financial advisers, including the impact these strategies had on their ability ...

By Kwame Slusher

Wednesday 6 June 2018



Regulation
 

With the end of the financial year around the corner, the Australian Securities and Investments Commission (ASIC) is highlighting some major changes in how net assets and profits should be reported. 

“We are concerned that some companies may not have adequately prepared for the impact of new accounting standards that can signifi...

By Kwame Slusher