Regulation

The industry fund-owned bank has been slapped with criminal charges in the Federal Court for alleged contraventions relating to its home loan customers.

ASIC has commenced civil penalty proceedings against five AMP companies, alleging that they continued to charge thousands of customers despite being notified of their deaths.

The Senate fintech committee will assess alleged anti-competitive conduct and the policy environment in the banking sector, after the exit and sale of Xinja and 86 400.

Finder has become the first comparison website to gain access to financial product information and consumers’ banking data, under the government’s consumer data right regime.

Consumer group CHOICE has released regional data on borrowers under financial stress, with Western Sydney and West Melbourne ranking among the top spots.

The Victorian budget will include $2.7 billion in new property taxes, including a new “premium” stamp duty rate for property transactions over $2 million, the state treasurer said.

The government has bumped up funding for the regulation of super funds, ahead of its incoming Your Future, Your Super reforms.

The surge in housing prices should be addressed but not through monetary policy, Reserve Bank governor Philip Lowe has stated.

ASIC has begun proceedings against the major bank for insider trading and breaches of its licensee obligations during the privatisation of Ausgrid.

APRA has questioned whether mutual banks are assuming more risk for market share after noting a rise in loans with LVRs of 90 per cent or more.