Category: News

Today, ASIC and the Reserve Bank of Australia (RBA) (the Regulators) acknowledged ASX’s announcement of a solution design to replace CHESS. The product-based solution and vendor announced by ASX is a foundational step in getting the CHESS replacement program back on track. This follows advice provided by the ASX Cash Equities Clearing and Settlement Advisory...

NMC was a healthcare operator headquartered in the United Arab Emirates. It entered the FTSE100 in 2017. Between March 2019 and February 2020, NMC published a series of financial statements and several clarification announcements which contained materially inaccurate information about its debt position. The FCA’s investigation found that NMC had been operating dual sets of...

Today ASIC opened its consultation on the Australian Banking Association’s (ABA) proposed changes to its Banking Code of Practice (the Code). The Code contains a set of contractually enforceable standards that customers and small business can expect subscribing banks to uphold. The ABA plans to apply for ASIC approval of the revised Code. This is...

Ulrike Hotopp and Claire Whyley have been appointed to the FCA’s and Payment Systems Regulator’s (PSR) Competition Decisions Committees (CDCs). These two committees are responsible for taking certain competition law decisions on behalf of the FCA and PSR. Committee members are selected on the basis of their experience of making independent evidence-based decisions, and their...

We have recently reviewed our interpretation of the consumer credit legislation for Limited Permission secondary credit brokers. Specifically, how the legislation applies to credit broking firms whose main business activity is the supply of non-financial services. As part of this review, firms that were authorised as a Full Permission credit broker firms may be eligible...

This is due to concerns that the Firm has failed to pay redress awarded to former members of the British Steel Pension Scheme by the Financial Ombudsman Service (FOS), and for failing to engage with us in an open and cooperative way. KBFS has failed to provide us with information requested about its financial position...

New nationwide research released by ASIC’s Moneysmart program today shows for seven in ten (68%) Gen Zs, finances are a major cause of concern, more than any other age group (57% of non-Gen Zs). Faced with rising cost of living, 82% of Aussie Gen Zs, representing Aussies aged 18 to 26 years old, feel financially...

The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today published two amended Implementing Technical Standards (ITS) on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs), in accordance with the Capital Requirements Regulation (CRR) and the Solvency II Directive (Solvency II). The amendments reflect the...

ASIC calls on organisations to prioritise their cyber security after its report into the cyber capability of corporate Australia identified significant gaps. The report summarises the results of ASIC’s recent cyber pulse survey. The results of the voluntary self-assessment survey have exposed deficiencies in cyber security risk management of critical cyber capabilities, indicating that organisations...

ASIC has overseen more than $17.4 million in combined compensation payments to over 2,000 retail clients affected by breaches of financial services laws by eight retail OTC derivative issuers. This compensation figure, being paid or agreed to be paid since March 2021, comprises: a combined $4.3 million paid or agreed to be paid to over...