Emerging role for APRA as a conduct regulator?

    By Kerensa Sneyd Professionalism in financial services was the topic addressed last Thursday 11 October by a range of speakers presenting at the 2018 FINSIA Summit.  Throughout this year, key regulators have spoken openly about the importance of professionalism in the banking sector and the role it plays in rebuilding community trust. The public hearings … Read more

    Where are we up to again? Insurance regulation over the horizon

    By Philip Hopley The Australian regulatory financial services sector has certainly been giving props to Greek philosophy of late with its channelling of Heraclitus’ statement that “there is nothing permanent except change.” Now that the dedicated insurance hearings at the Royal Commission have finished, here is a snapshot of the current legislative and regulatory plans … Read more

    Consumer Data Right – The Rules Framework is out

    Written by Amy Ciolek and Kiara Salvia On 12 September 2018, the Australian Competition and Consumer Commission (ACCC) released for public consultation the Consumer Data Right (CDR) Rules Framework (Rules Framework) following the release of the exposure draft Treasury Laws Amendment (Consumer Data Right) Bill 2018 (the Bill) which proposes amendments to the Competition and … Read more

    Consumers to Receive Data Rights

    Written by Lisa Whiting  Consumers are set to receive certain rights in relation to personal data held about them. These rights are provided for under exposure draft legislation released by Treasury. Submissions on the draft are due by 7 September 2018. Read more

    The new (digital) banks on the block

    Written by Nicola Greenberg Australians are familiar with the concept of “non-banks”, and have even seen an example of a “beta bank” (U-Bank).  Other forms of “challenger” banks, such as neobanks and new banks have been absent from the Australian landscape until more recently. Read more

    The evolving role of the financial services regulator

    Written by Amy Ciolek and Nicola Greenberg As community expectations and the nature of crime changes, so too does the role of the regulator. The ABC news reports today that “for the first time, the Australian Securities and Investments Commission will have enhanced powers to place dedicated staff within the big four banks and wealth … Read more

    Mixers, cold storage and onions…cocktail party or digital money laundering?

    By Amy Ciolek and Julia Massarin With terminology such as mixers, cold storage, tumblers and Onions (Onion Routers) (TOR), one may be excused for overlooking the significance of money laundering the digital age. FATF Report to G20 Finance Ministers and Central Bank Governors In July 2018, the Financial Action Task Force (FATF) published its report to … Read more