The Australian Competition and Consumer Commission (ACCC) has announced that National Australia Bank Limited (NAB) has paid penalties totalling $751,200 after the ACCC issued it with four infringement notices for alleged contraventions of the Consumer Data Right (CDR) Rules.
The infringement notices relate to alleged failures by NAB to disclose, or accurately disclose, credit limit…
APRA has published changes to Prudential Practice Guide APG 223 Residential Mortgage Lending and Reporting Standard ARS 223.0 Residential Mortgage Lending relating to how ADIs consider Higher Education Loan Program (HELP) debt when assessing home loan applications.
APRA says its changes have two objectives: the first is to provide regulatory clarity on how HELP debt…
Austrac has announced its timetable for guidance to support both current reporting entities and tranche 2 entities to implement effective AML/CTF measures.
Austrac’s guidance in 2025, will include:
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APRA has reminded its regulated entities, including superannuation licensees, of their binding obligations under Prudential Standard CPS 234 Information Security (CPS 234). Paragraph 21 of CPS 234 mandates that entities implement information security controls commensurate with the vulnerabilities, threats, criticality, and sensitivity of their information assets.
APRA says it has observed weaknesses, especially…
ASIC has announced that it has granted a limited no-action position from client consent requirements when financial advisers and superannuation trustees enter into ongoing fee arrangements.
The no action position is in response to the failure to include account numbers in a client’s written consent for the deduction, or arranging of the deduction, of ongoing…
ASIC has published its 2025 review of the consumer lease industry following recent action to enforce legislative changes made in 2022.
ASIC’s review revealed that several providers have stopped offering consumer leases and some have started to offer alternative regulated credit products, such as sale of goods by instalment contracts and lines of credit to…
AUSTRAC has published a revised version of new Anti-Money Laundering and Counter-Terrorism Financing Rules (ED2 AML/CTF Rules) for further feedback following the first round of consultation. They will apply to the amended AML/CTF Act from 31 March 2026 (for existing reporting entities) and 1 July 2026 (for entities that only provide “tranche 2” designated services).…
AFCA has opened consultation on proposed changes to its rules to expand its jurisdiction to include the conduct of receiving banks in scam complaints even though the complainant may not have a customer relationship with the bank. Background.
The change will allow AFCA to investigate the actions of financial institutions that receive funds from…
At the election on 3 May 2025 Labor retained Government by increasing its majority in the House of Representatives. But it will rely on other parties to pass legislation in the Senate.
The new Parliament is scheduled to sit for the first time from 22 July 2025 to 31 July and then from 25 August…
The Department of Home Affairs has announced that ransomware payment reporting is now active on this form.
Under section 27 of the Cyber Security Act 2024, a reporting business entity has an obligation to use this form to report to the Government if you have made or are aware another entity has made on…
