Regulation

New banking entrants will need to launch both an income-generating asset product and a deposit product before they can secure a full licence, under APRA’s new standards.

The proposed merger between Pulse Credit Union and Teachers Mutual Bank Ltd has been given the green light by the prudential regulator, leaving one last hurdle for the lenders to clear.

An independent body that monitors the banks’ behaviour has commenced a review, as it is assessing its industry code of practice.

The corporate regulator has commenced civil proceedings in the Federal Court against credit assistance provider General Commercial Group and lender Eden Capital.

The prudential regulator has launched a week-long consultation on its regulatory approach for banks offering temporary financial assistance to borrowers impacted by COVID-19.

ASIC has commenced a civil lawsuit against six AMP companies, alleging they charged fees-for-no-service on corporate superannuation accounts.

The financial services regulator has released examples of how the incoming rules for add-on insurance will work for CCI, among other credit insurances.

The major bank has said that it is committed to the sale of its Pacific businesses despite a competition regulator knocking back their proposed acquisition.

The federal opposition has pledged that it will maintain the government’s existing regimes for negative gearing and capital gains tax, ahead of the next election.

Home ownership costs jumped by 130 per cent over two generations, with Gen X spending a quarter of their income servicing their loan, according to research.