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Penalties 


The Australian Competition and Consumer Commission (ACCC) has announced that legal action will be brought against senior executives of the Deutsche Bank, Citigroup and ANZ.

“These serious charges are the result of an ACCC investigation that has been running for more than two years,” said ACCC Chairman Rod Sims.

According to th...

By Kwame Slusher

Wednesday 6 June 2018




News summary 

Money Management

The Financial Planner Association (FPA) has expressed concern the auto-consolidation of low super accounts, and the auto-consolidation of missing accounts, may lead to under insurance.

The FPA has made a submission to Treasury regarding the Treasury Laws Amendment (Protecting Superannuation) Bill 2018 to...

By Kwame Slusher

Friday 1 June 2018



The Australian Securities and Investments Commission (ASIC) indicated that they will provide transitional relief until July 2019.

The external dispute resolution scheme the Australian Financial Complaints Authority (AFCA), that is meant to be one stop shop, is one of the processes in place to help with some of the challenge sin the financial i...

By Kwame Slusher



Regulation 


Earlier this week the Australian Prudential Regulation Authority (APRA) Senior Manager of Policy Development, Peter Kholhagen, addressed the importance of resilience in the private health industry (PHI).

“Regardless of the cause, APRA will look to understand how the strategy and financial performance sits within the insurers’ pr...

By Kwame Slusher



The Reserve Bank of New Zealand (RBNZ) is concerned about the about the impact that Australian royal Commission might have an impact the confidence in the New Zealand financial system.

An official statement released from the RBNZ:


“Following the meeting with bank CEOs, the RBNZ and the FMA, with the support of the Commerce Commission, wr...

By Kwame Slusher

News Summary

Financial Review
 
The Australian Financial Review reports that the Australian Prudential Regulation Authority (APRA) has downplayed that the Royal Commission will have an impact on credit growth.

"However, while institutions have a great deal of work to do to restore trust, I want to emphasise that Australians can be reassured t...

By Kwame Slusher

Friday 1 June 2018




Last week, the Australian Securities and Investments Commission (ASIC) and the Reserve Bank of Australia (RBA) both welcomed the new method of calculating the Bank Bill Swap rate (BBSW).

This announcement came at the same time the corporate regulator failed to prove Westpac manipulated the BBSW. Westpac was found to have acted unconscionably...

By Kwame Slusher