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

When utmost good faith is not good enough

Written by Philip Hopley There is just over a month left for stakeholders to provide views on a proposed model that will implement the government’s policy to apply unfair contract terms legislation to life and general insurance contracts for consumers and small businesses. To find out more, click here. Read more

Contrasting Regulatory Approaches to FinTech

The RBA has recently set out its views that “Most of the regulation set for financial institutions is aimed at the stability of financial institutions….If some of these companies get big enough there will be systemic issues." This is moderately inconsistent with APRA’s latest move, expanding its policy to restricted ADI licences to foster innovation and competition in the banking industry.  Australia needs clear guidance and regulatory support to avoid pushing away financial services innovation. Read more

Current APRA Superannuation Initiatives

This page is an extract from the presentation addressing current APRA superannuation initiatives, and in particular: APRA Related Party Arrangements Thematic Review APRA Discussion Paper – Post-implementation review of APRA’s superannuation prudential framework We hope that this summary and overview of key points is helpful.  Please let get in touch with Sarah Yu or Michael … Read more

New legislation encourages employers to address historic SG shortfalls

Legal Briefings – By Sarah Yu and Amber Kennedy The Minister for Revenue and Financial Services has announced a proposed 12 month Superannuation Guarantee (SG) amnesty to incentivise employers to voluntarily address past SG non-compliance Employers should be proactive in disclosing and rectifying historic SG non-compliance during the proposed 12 month SG amnesty period under the … Read more

ASIC updates its ICO guidance

What this means for you Initial Coin Offering (ICO) issuers have been placed on notice that from 19 April 2018, the Australian Competition and Consumer Commission (ACCC) has delegated powers to the Australian Securities and Investments Commission (ASIC) to enable ASIC to take action under the Australian Consumer Law (ACL) relating to crypto-assets. See ASIC’s … Read more

Welcome to the HSF Regulatory, Governance, Remediation and Culture Portal

Our Regulatory, Governance, Remediation and Culture team (RGRC) will bring you thoughtful insights, RGRC updates and industry highlights.  We would love for you to interact with us, so feel free to leave a comment, or reach out to us directly. We welcome you to follow us, subscribe and share us with your colleagues.  Please also get … Read more