regulation

Mutuals escaping ‘vicious cycle’ in merger mania: S&P

by Sarah Simpkins • 2 Sep 2021

The rise in consolidation among mutual lenders has reflected changing attitudes from management amid escalated margin... READ MORE

Aggregators should be helping guide broker laws: Sam White

by Annie Kane • 27 Aug 2021

As well as helping brokers with compliance, aggregators should be helping “shape” legislators’ views on how new... READ MORE

SMEs need early super, says senator

by Sarah Simpkins • 26 Aug 2021

A senator has argued for reopening the superannuation vault for early withdrawals, to help small businesses suffering... READ MORE

Financial sector continues to be high cyber target

by • 26 Aug 2021

The financial services sector had the second-highest number of data breaches between January-July and is increasingly... READ MORE

Government unveils draft reforms for unfair contract terms

by Sarah Simpkins • 24 Aug 2021

The government has released a draft bill aiming to combat unfair contract terms, with proposed changes including the... READ MORE

Parliamentary committee to probe housing affordability

by Sarah Simpkins • 17 Aug 2021

A parliamentary committee is calling for submissions for a new inquiry into housing affordability and supply in... READ MORE

ASIC to be ‘reasonable’ in enforcing new laws

by Annie Kane • 13 Aug 2021

The regulator will take a “reasonable approach” when enforcing the swathe of incoming financial services laws,... READ MORE

MFAA welcomes DDO changes

by Annie Kane • 13 Aug 2021

The broker association has welcomed Treasury’s move to amend mortgage broker obligations under the design and... READ MORE

Treasury to amend DDO requirements

by Annie Kane • 12 Aug 2021

The government will change broker obligations under the design and distribution obligations regime, following... READ MORE

ASIC reveals frozen credit licences, overturned conviction

by Sarah Simpkins • 11 Aug 2021

ASIC has made 24 cancellations and suspensions of Australian credit licences during the first half of the year, as an... READ MORE

Calls for aggregator inclusion in new CDR

by Malavika Santhebennur • 10 Aug 2021

The Loan Market Group has called for more clarity around the role of aggregators in the new CDR proposal, and urged... READ MORE

Association working to ‘fix’ reference checking laws

by Annie Kane • 5 Aug 2021

The MFAA has been working with Treasury to “fix” reference checking legislation and make other incoming regimes... READ MORE

House price growth at 17-year high: CoreLogic

by Malavika Santhebennur • 3 Aug 2021

Home values grew by 16.1 per cent in the past year, the fastest pace of growth since 2004, but growth has slowed,... READ MORE

Governments extend COVID support to NSW, Vic

by Sarah Simpkins • 29 Jul 2021

The state and federal governments have offered support packages to businesses across NSW and Victoria, as Sydney has... READ MORE

Banks accused of bias against BNPL in lending process

by Sarah Simpkins • 28 Jul 2021

An executive from buy now, pay later provider Zip has echoed reports from brokers around how banks treat home loan... READ MORE

Millennials call for more housing regulation

by Malavika Santhebennur • 28 Jul 2021

A survey has revealed that almost three-quarters of Millennials said they believe the housing market needs more... READ MORE

ASIC levy reflects ramped up enforcement: FBAA

by Sarah Simpkins • 27 Jul 2021

ASIC’s raised industry funding levies reflect higher enforcement against brokers and could add to other increasing... READ MORE

Westpac fundies cop $3m penalty over fees for no service

by Sarah Simpkins • 27 Jul 2021

The Federal Court has imposed civil penalties totalling $3 million against two Westpac investment businesses, for... READ MORE

ASIC releases reference checking protocol for mortgage brokers

by Annie Kane • 20 Jul 2021

The financial services regulator has released its protocol and guidance documents to help credit licensees comply with... READ MORE

MyBudget scrambles for AFS licence after ASIC probe

by Sarah Simpkins • 20 Jul 2021

Budgeting provider MyBudget has applied for an Australian financial services licence, after a recent ASIC... READ MORE

AMP dodges criminal charges in fees-for-no-service investigation

by Sarah Simpkins • 19 Jul 2021

ASIC has decided to end an investigation into alleged criminal conduct by an AMP financial advice business, relating to... READ MORE

Government releases new compensation legislation for consultation

by Annie Kane • 16 Jul 2021

The Morrison government on Friday released exposure draft legislation to establish the compensation scheme of last... READ MORE

APRA urged to consider business loans in banking review

by Sarah Simpkins • 16 Jul 2021

The small business ombudsman has argued that APRA needs to better support new entrants to the banking industry, in... READ MORE

Nectar teams with credit repair agency

by Sarah Simpkins • 13 Jul 2021

Franchise brokerage Nectar Mortgages has partnered with credit repair agency Clear Credit Solutions, as the pair has... READ MORE

Banks explain lagged turnarounds to Parliament

Banks explain lagging turnarounds to Parliament

by Sarah Simpkins • 8 Jul 2021

Big four and non-major banks have given their reasons for delayed turnarounds for the broker channel, which vary from... READ MORE

Loan fraud is greatest AML/CTF risk to non-banks: AUSTRAC

by Annie Kane • 7 Jul 2021

Loan application and identity fraud are the main threats to non-banks, the government agency has concluded, noting the... READ MORE

Debt management ACL regime begins

by Malavika Santhebennur • 7 Jul 2021

ASIC has warned debt management firms, who are now require to hold an ACL, that it is closely monitoring compliance... READ MORE

RBA delivers first rate decision for FY21-22

by Malavika Santhebennur • 6 Jul 2021

The RBA has announced its decision for the official cash rate for July, as well as changes to strategies around its... READ MORE

‘Responsible lending’ issues among top consumer complaints

by Annie Kane • 6 Jul 2021

Credit cards and home loan issues were the most complained-about products in financial year 2021, with responsible... READ MORE