Financial Services News

The Office of the Australian Information Commissioner (OAIC) has released new guidance for businesses implementing or developing artificial intelligence (AI) technologies to ensure they remain compliant with Australian privacy regulations. The guidance outlines how Australian privacy law applies to AI...

The Reserve Bank of Australia (RBA) is seeking industry feedback on a proposed new fees framework that could impose bans on merchants adding surcharges for card-based payments. In a just-released issues paper, part of an industry-wide consultation on a new...

Australia’s largest superannuation fund, AustralianSuper, has broken new ground with a $2.2 billion investment giving it exposure to the US data centre market.

Netwealth has confirmed the acquisition of digital financial education platform, Flux Corp, as it looks to grow its wealth literacy strategy.

Westpac has announced it has restored its internet banking services after a multi-day outage left many of its customers unable to access their online banking accounts. Westpac initially reported the outage, which affected its online and mobile banking channels, on...

The New Zealand Banking Association (NZBA) has confirmed the forthcoming launch of a new Confirmation of Payee (CoP) service, a payments verification technology, for the country’s retail banks. The CoP will be available to New Zealand’s retail banks – namely,...

Following hot on the heels of Cbus, wealth management and superannuation firm Insignia has agreed to new protections for workers when adopting and making use of artificial intelligence (AI) technologies. The new Enterprise Agreement (EA) guarantees that humans must always...

The Federal Government’s proposed Scams Prevention Framework (SPF) burdens consumers with “a seemingly impossible dispute resolution system”, with no guarantee of compensation after an up to two-year redress process, according to a group of allied consumer advocacy organisations. The group,...

Beyond Bank sees prompt departure of CEO, New Zealand regulator FMA appoints transformation chief, and IAG sees off long-serving director. Executive ◼️ Beyond Bank has announced Chief Executive Jake Bromwich will depart the bank immediately. Bromwich, who joined B Corp...

FS-ISAC, the global cyber intelligence sharing network for financial services organisations, has outlined its framework for maximising cryptographic security and building a crypto agile ecosystem for financial services businesses in the face of a looming quantum threatscape. By improving cryptographic...

The High Court of New Zealand has issued AA Insurance (AAI) with a NZ$6.175 million penalty for its failure to pass on multi-policy and membership discounts as well as guaranteed no claims bonuses to customers. Collectively, AAI was found by...

New Zealand financial services regulator the Financial Markets Authority (FMA) has launched civil action against ASB Bank for its alleged failure to hand on promised policy discounts and fee exemptions to customers on its insurance and banking products. More than...

New Zealand big four bank BNZ is rolling out a new anti-scam and anti-fraud feature that enables customers to promptly self-disable all online banking activity and lock access to their online banking. The ‘online banking lock’, available within the BNZ...

The Federal Government has introduced a major update to the Credit Reporting Code, promising strengthened privacy protections for Australian consumers’ credit information and greater clarity for industry on their obligations. The revised code – Privacy (Credit Reporting) Code 2024 (Version...

Cbus has agreed to a first-of-its-kind Enterprise Agreement (EA) that promises “significant protections” for its employees if or when the super fund introduces artificial intelligence (AI) technologies. Among the new provisions include a clause stipulating that Cbus must consult with...