Briefs: ASIC CEO resigns, Pepper prices ABS, Butn tops up capital 16 April 2024 3:35AM Latest news John Kavanagh ASIC chief executive Warren Day is leaving the regulator to join the Commonwealth DPP. read more
Debenture decision all backwards 15 March 2024 5:13AM Latest news Ian Rogers In a decision that seems unlikely to stand, the Federal Court has found that Finder Wallet Pty Ltd’s crypto product Finder Earn is not a debenture. read more
Solvar de-risks 22 February 2024 6:03AM Latest news John Kavanagh Finance company Solvar is changing its credit risk profile, raising the minimum credit acceptance criteria for new customers and focusing growth on its prime and low-risk Australian loan book. read more
ASIC plans crackdown on hardship compliance 09 February 2024 4:52AM Latest news John Kavanagh ASIC has warned lenders it will focus on compliance with financial hardship obligations in the year ahead and is ready to take action through the courts. read more
CBA tries to rein in liability for customer losses triggered by digital outages 14 December 2023 4:28AM Latest news George Lekakis Commonwealth Bank has handed itself an early Christmas present that could potentially shield it against expensive compensation claims from business customers who suffer financial losses during banking.. read more
ASIC to focus on hardship 22 November 2023 5:59AM Latest news John Kavanagh Lenders’ compliance with their hardship obligations will come under greater scrutiny next year after ASIC added it to its list of enforcement priorities. read more
ASIC throws ABA's banking code revisions open for debate 20 November 2023 5:42AM Latest news John Kavanagh For first time ASIC has opened consultation on an industry code before approving it, and there is plenty for interested parties to get their teeth into. read more
Big gaps found in cyber risk management 14 November 2023 5:51AM Latest news John Kavanagh There are gaps in Australian financial institutions’ management of cyber security risk, with most companies operating on a reactive rather than proactive basis, a new survey has found. read more
CBA investigating another compliance breach at CommSec 18 October 2023 5:37AM Latest news George Lekakis Commonwealth Bank is investigating another compliance breach at its online stockbroking arm, Commonwealth Securities. read more
Indue improves profit as board mulls merger with Australian Settlements 17 October 2023 3:53AM Latest news George Lekakis Lower tax expenses and a dramatic surge in interest-related revenue helped payments services provider Indue Limited to a slightly improved bottom line performance last year. read more
FAR transition gets underway 05 October 2023 5:08AM Latest news John Kavanagh APRA and ASIC have issued an information package setting out their approach to their joint administration of the Financial Accountability Regime and, for authorised deposit-taking institutions, detail.. read more
ASIC and Cigno back in court 04 October 2023 5:42AM Latest news John Kavanagh ASIC has commenced proceedings against Cigno Australia and its associate BSF Solutions, alleging they provided credit without a licence. It was only three months ago that ASIC won a case against a pai.. read more
ANZ fails banking 101 27 September 2023 3:52AM Latest news John Kavanagh ANZ will pay a $15 million fine for misleading customers about the funds available in their credit card accounts. read more
Klarna injects $141m into Aussie arm ahead of IPO 26 September 2023 4:59AM Latest news George Lekakis In a move bound to stoke plenty of speculation about its strategic intentions, Swedish-based buy now pay later giant Klarna has ploughed almost A$141 million of fresh capital into its ailing Australia.. read more
Court slams NAB's 'moral dereliction' 25 September 2023 3:17AM Latest news John Kavanagh NAB will pay a $2.1 million fine for continuing to charge customers periodic payment fees when it knew it was overcharging. read more
ASIC claims PayPal's contract terms unfair 08 September 2023 5:18AM Latest news John Kavanagh ASIC has commenced proceedings against PayPal Australia, alleging that its contract terms relating to errors in fees are unfair. read more
Westpac says technology error caused its hardship contraventions 06 September 2023 6:02AM Latest news John Kavanagh Westpac says a technology error was the cause of its failure to respond to customers’ hardship notices within the time required by law. read more
FAR bill passed 06 September 2023 6:00AM Latest news John Kavanagh The government’s financial accountability reform bill was passed in the Senate yesterday, extending executive accountability rules beyond banks to include the superannuation and insurance industries. read more
ASIC to focus on financial hardship arrangements 31 August 2023 6:02AM Latest news John Kavanagh ASIC has written to lenders calling on them to make sure they provide appropriate support for customers experiencing financial hardship. read more
A risk-focused new ASIC commissioner 28 August 2023 6:19AM Latest news Ian Rogers ASIC is getting three new commissioners, one with deep experience at the highest levels at Commonwealth Bank and NAB. read more