Regulation

The financial system will undergo its first system-wide stress test in 2025, the prudential regulator has announced.

The major bank has moved to settle a class action lawsuit from 2021.

Estimates have been released for the first and second levy periods that will fund claims from eligible consumers who have been the victims of financial misconduct.

New legislation for the buy now, pay later industry has been released for consultation, bringing in licensing and responsible lending obligations for the first time.

The federal government’s crackdown on scammers has shown a drop in scam-related losses for the financial service industry.

First home buyers accessing their super to pay for a house deposit could cause a “huge price hike”, according to the Super Members Council.

While most households are meeting loan repayments, hardship applications have risen materially, according to the Council of Financial Regulators.

The Albanese government will release a biannual ‘regulatory grid’ to help provide a clearer outline of financial regulation and support better compliance planning.

The federal government has announced it has finalised the rules in order to support the Financial Accountability Regime’s full operation.

All major banks recorded mortgage loan book growth in January, as the regulator reveals the latest statistics for ADIs.