Financial Institutions and Markets (J)

Financial Institutions and Markets (J)

The Australian Financial Complaints Authority (AFCA) is a new external dispute resolution (EDR) scheme that has been formed to deal with complaints from consumers against an AFCA member. AFCA replaces the existing EDR schemes, being the Financial Ombudsman Service (FOS), the Credit and Investments Ombudsman (CIO) and the Superannuation Complaints Tribunal (SCT). Access to AFCA will be free to consumers and it has the following characteristics:

Read more: Australian Financial Complaints Authority: Paving the way for complaints in the financial system

Author: Dawn N. William

After a highly publicized and controversial confirmation process, the senate voted to approve Brett Kavanaugh’s nomination to the Supreme Court this past Saturday, October 6, 2018. Kavanaugh was sworn in later that day and began hearing cases on Tuesday, October 9, 2018.

It goes without saying that Justice Kavanaugh is a conservative judge and is expected to lean to the right. It also goes without saying that Justice Kavanaugh’s appointment pushes the Supreme Court to the right with a 5-4 ratio. But what does Justice Kavanaugh’s appointment mean for the financial services industry?

Read more: What Can the Financial Services Industry Expect Following Justice Kavanaugh’s Confirmation to the...

Author: David B. West

There has been a growing trend among individuals and even estate planners to avoid having to go to the probate court. Even for those people who need wills, a large percentage of their assets will be transferred pursuant to beneficiary designations in account agreements at banks and credit unions, in IRA’s and other qualified retirement plans, and through life insurance policies. Add a trust, and an even wider range of assets can be transferred outside the probate courts. What this non-probate disposition of assets means, of course, is that financial institutions are called upon to help a customer determine what type of account to use and, after death of the customer, review legal documents and carry out the transfer instructions.

Read more: Avoid Probate Court: Head to Your Bank Instead

Author: Matthew Blakebrough

Clearbank, Monzo, Revolut, Starling and Tandem; if you haven't heard of these, you soon will as they represent 5 of the most successful digital challenger banks of 2018, all of whom have just been ranked in LinkedIn's Top UK Startups 2018.

A Great British success story?

Traditional UK retail banks have not enjoyed the easiest of times in recent years. The cost of Payment Protection Insurance has dragged on, low interest rates have continued to squeeze lending margins and the occasional data breach or online banking system crash has not helped their reputation along the way.

The latter is where the new digital challengers have a key advantage. Unlike their traditional forefathers, digital challenger banking tech is new, intuitive, and not built on top of old, in many cases outdated, computing infrastructure.

Read more: The Great British Banking Revolution – Are the Digital Challenger Banks here to stay?

Author: Nezihe Boran Demir


As stated under Article 128 of Capital Markets Law No. 63621 ("Capital Markets Law"), one of the duties of the Capital Markets Board ("CMB"), among others, is to determine the procedures and principles for the supervision and operation of the management of the information systems of capital markets institutions, publicly held companies, stock exchanges and self-regulatory establishments. To this end, based on the provisions of the Capital Markets Law, Communiqué on the Management of the Information Systems (VII-128.9) ("Management Communiqué"), together with the Communiqué on the Independent Auditing of Information Systems (III-62.2) ("Auditing Communiqué," Management Communiqué, and the Auditing Communiqué, shall collectively be referred to as the "Communiqués") have been published in the Official Gazette dated 5 January 2018 and numbered 30292. Both the Management Communiqué and the Auditing Communiqué have entered into force with their publication in the Official Gazette. While the procedures and principals applicable to the management of the information systems for the listed establishments therein are determined under the Management Communiqué, independent auditing of information systems is further regulated under the Auditing Communiqué. This article will mainly focus on the scope of the Management Communiqué, innovations introduced thereunder, especially the obligation to keep the systems in the Republic of Turkey and, finally, the sanctions.

Read more: Management of Information Systems