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The Financial Adviser Standards and Ethics Authority (FASEA) has released draft Relevant Providers Degrees, Qualifications and Courses Standard 2019 Legislative Instrument (the 2019 determination) and Explanatory Statement for consultation. The draft 2019 determination includes: all bachelor degrees, Graduate Diplomas and Bridging Courses approved by FASEA; FASEA approved recognition of prior learning (RPL) for education undertaken to attain professional designations and the associated credits appropriate for the existing adviser pathways set out in FASEA’s Education Standard;…
The Reserve Bank has released an Issues Paper as the first stage of its Review of Retail Payments Regulation, which will take place over the coming year. The Issues Paper discusses and seeks stakeholder views on a number of potential issues that could be covered by the Review, including some recommendations made in reports by the Productivity Commission and the Black Economy Taskforce in relation to interchange fees, merchant service fees and least-cost routing of…
Austrac has commenced civil penalty proceedings in the Federal Court against Westpac Banking Corporation (Westpac) for systemic non-compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). AUSTRAC alleges Westpac contravened the AML/CTF Act on over 23 million occasions relating to its banking and designated services provided through its correspondent banking relationships. Correspondent banking relationships Westpac has correspondent banking relationships with 16 foreign banks to allow for the international transfer of funds by…
Austrac has commenced civil penalty proceedings in the Federal Court against Westpac Banking Corporation (Westpac) for systemic non-compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). AUSTRAC alleges Westpac contravened the AML/CTF Act on over 23 million occasions relating to its banking and designated services provided through its correspondent banking relationships. Correspondent banking relationships Westpac has correspondent banking relationships with 16 foreign banks to allow for the international transfer of funds by…
In Australian Securities and Investments Commission v Dover Financial Advisers Pty Ltd [2019] FCA 1932 Justice O’Bryan of the Federal Court decided that the provision to Dover’s clients of its Client Protection Policy in conjunction with statements of advice was misleading and deceptive conduct by Dover that contravened section 1041H of the Corporations Act and sections 12DA(1) and 12DB(1)(i) of the ASIC Act and that Mr McMaster (the sole director and shareholder of Dover and…
The ACCC has issued a final determination granting authorisation to proposed changes to the 2019 Banking Code of Practice for a period of five years from 1 March 2020, subject to a number of conditions. The Australian Banking Association (ABA) requested authorisation of changes relating to informal overdrafts, dishonour fees, and default interest charged on loans secured by agricultural land. In addition, the ABA requested authorisation to prescribe certain minimum requirements relating to basic bank…
The ACCC has issued a final determination granting authorisation to proposed changes to the 2019 Banking Code of Practice for a period of five years from 1 March 2020, subject to a number of conditions. The Australian Banking Association (ABA) requested authorisation of changes relating to informal overdrafts, dishonour fees, and default interest charged on loans secured by agricultural land. In addition, the ABA requested authorisation to prescribe certain minimum requirements relating to basic bank…
Treasury has released the Retirement Income Review consultation paper. The consultation paper outlines some of the issues the Review Panel will consider in relation to the current state of the retirement income system and how it will perform in the future. The Review will establish a fact base to help improve understanding of how the Australian retirement income system is operating and how it will respond to an ageing society. The Panel has identified…
Treasury has released the Retirement Income Review consultation paper. The consultation paper outlines some of the issues the Review Panel will consider in relation to the current state of the retirement income system and how it will perform in the future. The Review will establish a fact base to help improve understanding of how the Australian retirement income system is operating and how it will respond to an ageing society. The Panel has identified…
ASIC has released Regulatory Guide 270: Whistleblower policies (RG 270) in order to assist public companies, large proprietary companies and proprietary companies that are trustees of registrable superannuation entities to meet their legal obligation under Pt 9.4AAA of the Corporations Act to have a whistleblower policy by 1 January 2020. Background. ASIC has granted relief to public companies that are not‑for‑profits or charities with annual revenue of less than $1 million from…