Regulation

Two Westpac investment businesses have copped a total $10.5 million civil penalty, for failing to act in clients’ best interests.

Calls for stamp duty reform have resurfaced as the government has launched a new inquiry into housing affordability.

The regulator has released final guidance for credit risk management and directed ADIs to focus on credit risk management in the current environment, especially residential mortgage lending

The government has reappointed the data standards chair for the open banking regime, deciding to keep him on for another year and a half.

A watchdog has highlighted “serious concerns” after reviewing banks’ compliance with guarantor obligations.

Concerns have arisen around the “loophole” that allows Sydneysiders to leave the city to inspect properties, after a COVID-19 positive man travelled to Byron Bay.

Westpac has copped a formal warning in New Zealand over failures to flag international transactions as required under anti-money laundering and counter-terrorism financing laws.

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.