Australia
UK and Aussie regulators ink enhanced fintech agreement
The Financial Conduct Authority and the Australian Securities and Investments Commission have signed an enhanced fintech cooperation agreement.
Australia’s Macquarie Group to buy Luxembourg asset manager
The investment management division of Macquarie Group is to acquire Luxembourg-based ValueInvest Asset Management for an undisclosed sum.
Bad advice sees Aussie banks pay A$51m
Australia’s five largest banking and financial services institutions have paid a further A$21.4m in compensation to customers who suffered losses because of “non-compliant conduct” by financial advisers, taking the total to A$51.4m (£29m, $41m, €33m). More claims are expected.
Director banned from financial services for five years
The director of a financial services firm has been suspended from the industry for five years, and has agreed to pay £225,786, after his business failed to give appropriate advice to its clients.
Aussie advisers face tougher exams
The newly appointed chair of the Australian Securities and Investments Commission (Asic) used his first public appearance to support calls for finance sector workers to face tougher exams to lift standards.