Archived News for Finance Sector Professionals
An updated regulatory guide released by ASIC provides further guidance and clarity for lenders on assessing borrowers' capacity to repay under the responsible lending requirements of the National Consumer Credit Protection Act 2009 (National Credit Act).
ASIC Commissioner Peter Boxall said: 'We are concerned by reports of older borrowers whose employment will reduce, or cease, before the end of the loan term, being refused loans because some lenders are adopting an unnecessarily restrictive approach to meeting the responsible lending requirements. Undertaking the range of enquiries required by the legislation will often reveal other ways that they will be able to repay the loan.'
ASIC guidelines for financial services providers released
ASIC has released a series of new and updated guidance documents for financial service providers.
RBA explores the future of payments systems
The Assistant Governor (Financial Systems) of the Reserve Bank of Australia (RBA), Malcolm Edey, has outlined progress to date of the bank’s review of innovation in payment systems, identifying some of the key issues that business operators and consumers have identified in improving the uptake of online payments.
Cloud computing offers financial services a new future
A white paper produced by the Australian Information Industry Association (AIIA) and Fujitsu has outlined opportunities for the financial services industry to improve its customer service by using techniques of cloud computing.
Minerals Resources Tax to boost superannuation
Revenues raised from the new Mineral Resource Rent Tax (MRRT)will go towards building superannuation savings, increasing Australia’s total superannuation savings to an estimated $6.2 trillion by 2036.
Mortgage exit fees banned
Mortgage exit fees will be banned from 1 July 2011 after the Federal Government passed legislation outlawing the practice.
ASIC releases consultation paper relating to debentures and advertising
ASIC has released a consultation paper on proposals that would revise ASIC’s policy on how debt securities can be described in offer documents and the preferred form of advertising for these instruments.
ASIC to examine retirement advice
The Australian Securities and Investment Commission (ASIC) has announced it will be examining the quality of financial advice via ‘shadow shopping’ research in 2011, with a focus on advice provided to people at retirement.
ASIC launches new MoneySmart website and National Financial Literacy Strategy
The Australian Securities and Investment Commission has launched a new personal finance website called MoneySmart to help people make good financial decisions by providing free, independent and unbiased information, tools and motivation.
Bank of Melbourne to be relaunched
Westpac has announced it will relaunch the Bank of Melbourne in August.
Consumer confidence in WA falls
Consumer confidence in Western Australia's economic performance has dropped to its lowest level since the global financial crisis, a recent survey shows.
Australia holds ranking in venture capital and private equity index
The 2011 edition of the Global Venture Capital and Private Equity Country Attractiveness Index has ranked Australia seventh out of 80 participating countries, behind the United States, the UK, Canada, Singapore, Switzerland and Japan.
New appointments to Takeovers Panel
Six new members have been appointed to the Takeovers Panel, which provides a mechanism for peer review of takeovers activity.
Forum to focus on Government tax reform agenda
The Australian Government is to hold a Tax Forum at Parliament House in Canberra on Tuesday October 4 and Wednesday October 5, to be attended by around 150 representatives of community groups, businesses, unions, and governments, as well as academics and tax practitioners.