The Commonwealth Government has released an exposure draft of the Trusted Digital Identity Bill for consultation.
The Digital Identity will be used for individuals and allows businesses to use it for approved verification purposes.
A Digital Identity will only need
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APRA’s Risk Culture 10 Dimensions Framework
APRA has released details of its framework called the Risk Culture 10 Dimensions which it uses to assess the risk culture of regulated entities.
The Risk Culture 10 Dimensions articulate the key aspects of an entity’s risk behaviours and risk…
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ASIC review of whistleblower policies
ASIC has released a letter it has sent to CEOs of public companies, large proprietary companies and trustees of registrable superannuation entities (RSEs) encouraging them to check whether their entity’s whistleblower policy complies with the Corporations Act’s requirements and setting…
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ASIC commences Federal Court action to honour premium discount promises
ASIC has announced that it has issued civil penalty proceedings in the Federal Court against Insurance Australia Limited (IAL) following IAL’s failure to honour discount promises made to its customers.
ASIC alleges that
- IAL engaged in misleading or deceptive conduct
…
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APRA guidance for new prudential standard on remuneration
The Australian Prudential Regulation Authority (APRA) has published Prudential Practice Guide CPG 511 Remuneration (CPG 511) to assist banks, insurers and superannuation licensees in meeting the requirements of the new prudential standard CPS 511 Remuneration (CPS 511) which…
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General Insurance Code of Practice: new version
An updated version of the 2020 General Insurance Code of Practice commenced on 5 October 2021. Background.
For individuals and small businesses, Part 11 of the updated Code relects the changes made to the complaints process by ASIC RG271…
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Home loan interest rate buffer increase
The Australian Prudential Regulation Authority (APRA) has increased the minimum interest rate buffer it expects banks to use when assessing the serviceability of home loan applications.
APRA has told ADI lenders it expects they will assess new borrowers’ ability to…
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Applying for a Director Identification Number
The Government has published a mini-site with information on who needs to apply for a director identification number and when, and how to apply.
The director identification number (DIN) is a unique identifier that a director will keep forever. The…
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Consumer data right and open banking changes
The Competition and Consumer (Consumer Data Right) Amendment Rules (No. 1) 2021 have been registered to amend the Competition and Consumer (Consumer Data Right) Rules 2020 to allow consumers to share data with trusted advisers, including mortgage brokers and accountants,…
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APRA revises prudential standard on investment governance in superannuation
The Australian Prudential Regulation Authority (APRA) has released for consultation its proposed revisions to Prudential Standard SPS 530 Investment Governance (SPS 530).
SPS 530 aims to ensure registrable superannuation entity licensees meet their obligations to prudently select, manage and monitor…
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