Urban Rampage livid over ASIC final stop order on store credit 29 April 2024 4:38AM Latest news John Kavanagh Whether ‘racist’ or reasonable, ASIC’s final stop order preventing Urban Rampage from signing up customers to Centrepay credit arrangements is a landmark use of its Design and Distribution Obligation.. read more
De-banking crypto helps curb scam losses 29 April 2024 4:13AM Latest news Ian Rogers Efforts by banks, telcos and others to combat the scourge of scams are bearing fruit. The Targeting Scams report reveals a 13 per cent decline in reported scam losses to $2.7 billion over the year to.. read more
Briefs: ASIC CEO resigns, Pepper prices ABS, Butn tops up capital 16 April 2024 3:35AM Latest news John Kavanagh ASIC chief executive Warren Day is leaving the regulator to join the Commonwealth DPP. read more
Armourguard buys NZ CIT competitor 02 April 2024 3:43AM Latest news Ian Rogers Armourguard, the dominant supplier of cash-in-transit services in New Zealand, is on the cusp of establishing its own monopoly. read more
Australia's AML/CTF shortcomings called out once again 02 April 2024 3:37AM Latest news John Kavanagh Failure by successive governments to expand the coverage of the country’s anti-money laundering and counter-terrorism financing regime to cover non-financial businesses has earned Australia a poor rep.. read more
Government introduces financial market supervision, climate reporting reforms 28 March 2024 3:34AM Latest news John Kavanagh The treasurer introduced a bill into Parliament yesterday that includes tougher regulation of financial market licensees and requirements for climate-related financial reporting. read more
Debenture decision all backwards 15 March 2024 5:13AM Latest news Ian Rogers In a decision that seems unlikely to stand, the Federal Court has found that Finder Wallet Pty Ltd’s crypto product Finder Earn is not a debenture. read more
ATO warns business on POS sales suppression tools 15 March 2024 5:10AM Latest news John Kavanagh The Australian Taxation Office has conducted raids on business suspected of using, manufacturing or supplying electronic sales suppression tools to avoid paying tax, and it has issued a warning to bus.. read more
Armaguard convinces banks on price support 14 March 2024 3:13AM Latest news Ian Rogers Why not pay more if you want to? This is the both sensible and silly retort of banks at the very moment they are being outfoxed from every angle. Paying more turns out to cost more than $100 million... read more
Scam losses fall 14 March 2024 3:11AM Latest news John Kavanagh Reports of scam losses to the ACCC’s Scamwatch service declined in the December quarter, with decreases in all the common forms of scam activity. read more
APRA lets NAB off the leash 14 March 2024 2:58AM Latest news Ian Rogers APRA has removed the $500 million capital add-on it imposed on NAB in response to issues identified in the bank’s risk governance self-assessment. read more
BNPL draft bill released 13 March 2024 5:16AM Latest news John Kavanagh Providers of low cost credit contracts, including buy now pay later companies, will have to hold a credit licence and comply with modified responsible lending obligations under proposed changes to the.. read more
'Marginal' increase in non-performing loans 13 March 2024 4:39AM Latest news John Kavanagh The proportion of non-performing mortgages on authorised deposit-taking institutions’ books rose over the past year but remains below levels reported in 2020 and 2021, and is in line with pre-COVID le.. read more
Chalmers bows to ABA grid push 12 March 2024 5:06AM Latest news John Kavanagh The Albanese government has committed to better co-ordinated regulation of the financial services industry, to “make it simpler and easier to do business”. read more
FAR to reach deep into ADI's management structures 11 March 2024 3:51AM Latest news John Kavanagh After a long and unexplained delay, the government has finalised a set of ministerial rules required for the operation the Financial Accountability Regime, including an extensive list of responsibilit.. read more
Call for Australia to follow NZ and Singapore scam reimbursement plans 11 March 2024 3:49AM Latest news John Kavanagh Consumer groups and community legal centres have renewed their call for financial institutions to be liable for their customers’ scam losses, following a move by the New Zealand government to require.. read more
CEFC backs Angle EV auto finance 11 March 2024 3:26AM Latest news John Kavanagh The Clean Energy Finance Corporation has committed to its latest green funding initiative, investing up to A$50 million in an Angle Auto Finance warehouse that will fund vehicle dealerships that incre.. read more
'Utterly crushing' loan rate ruled unconscionable 08 March 2024 4:30AM Latest news John Kavanagh A court has found that a short-term commercial loan with a compounding interest rate of more than 70 per cent a year was unconscionable - “utterly crushing” for the borrower and far in excess of what.. read more
New AFCA rules aimed at streamlining complaints handling 07 March 2024 5:43AM Latest news John Kavanagh The Australian Financial Complaints Authority will have more power to resolve complaints early under revised rules and operational guidelines that will take effect in July. read more
Islamic Bank Australia hands back RADI 06 March 2024 4:19AM Latest news Ian Rogers Islamic Bank Australia surrendered its restricted banking licence to APRA last Friday. That’s three voluntary exits by neobanks. There are bound to be more. read more