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APRA consults on Hayne recommendation concerning end-to-end product responsibility – the right tool for the job?
Insight 18 Jul 2019

APRA has announced a consultation on a proposal to create a new 'end-to-end product' responsibility within the Banking Executive Accountability Regime (BEAR). The intention is that for every product offered by a bank and its subsidiaries, ...

Would you like financial services with your social network? Facebook consortium to launch new cryptocurrency
Insight 09 Jul 2019

In a bold new play, a consortium led by social media giant Facebook has announced plans to enter the financial services sector through the launch of a cryptocurrency called Libra. Both a currency and a blockchain backed payment system, the ...

The future for foreign financial services providers in Australia – the latest from ASIC
Insight 05 Jul 2019

After much anticipation, the Australian Securities and Investments Commission has provided an update on its proposed changes to the licensing relief currently available to foreign financial service ...

Final APRA Guidance on Information Security released – are you prepared?
Insight 27 Jun 2019

APRA has released the updated final version of its Prudential Practice Guide, which gives crucial context about how it views cybersecurity threats, and clarifies some of the steps that should be taken now relating to board oversight, information security controls and notification of information security incidents. Partner Valeska Bloch and Associate Claudia Hall report. ...

DDO and PYS - two cases of madness
Insight 21 Jun 2019

As a lawyer working in the field of financial regulation, I have become pretty inured to said regulation producing weird, unintended outcomes. Even so, there are two outcomes produced by recently enacted laws that are unequivocally crazy. ...

APRA's guidance on the Protecting Your Super changes
Insight 16 May 2019

Written by Senior Regulatory Counsel Michael Mathieson On 8 May, APRA released its answers to some 'frequently asked questions' about the Protecting Your Super changes. I would politely suggest that the questions asked and answered by APRA ...

Compensating superannuation members for 'fees for no advice'
Insight 16 May 2019

Written by Partner Michelle Levy APRA and ASIC issued a joint letter to all RSE licensees entitled ' Oversight of fees charged to members' superannuation accounts ' in early April. The letter is in ...

APRA releases 'constructively tough' Enforcement Approach
Insight 18 Apr 2019

In the wake of the Financial Services Royal Commission (Royal Commission) and the introduction of the Banking Executive Accountability Regime (BEAR), APRA has undertaken a review of its enforcement strategy. The Enforcement Review Final ...

AFCA: The first six months - and the year ahead
Insight 17 Apr 2019

Written by Partner Andrew Maher, Senior Associate Ingrid Weinberg and Lawyer Zoe Chapman The Australian Financial Complaints Authority (AFCA), the new 'one-stop-shop' for resolving financial complaints, has had a very busy first six months ...

Considering Robo-advice
Insight 17 Apr 2019

Written by Partner Simun Soljo and Senior Associate George Blades Introduction 'Robo-advice' is emerging as an important way of providing financial product advice, particularly as the advice industry continues its post-Royal Commission ...

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