What the FCA’s new motor finance redress scheme means for you
The FCA’s long-awaited consultation on the motor finance redress scheme, published on the 7th October, marks one of the most significant regulatory developments for the sector in recent years. After months of anticipation, firms now have greater clarity on the scope, methodology and expectations that will shape the industry’s response. To explore the practical implications, […]
Beyond Day Rates: The true value of specialist interim resourcing in Australia’s financial services
In Australia’s highly regulated financial services sector, demand for specialist interim resourcing has never been greater. From compliance projects and remediation programs to large-scale transformation initiatives, financial institutions need rapid access to expertise. But too often, the decision to hire interims is reduced to a day rate comparison. While cost matters, this approach overlooks the […]
14m unfair motor loans due compensation under FCA-proposed scheme
The FCA releases its update on the motor finance redress scheme, marking one of the most significant shifts in the motor finance landscape in years. The FCA wants to set up an industry-wide compensation redress scheme to reimburse motor finance customers who were treated unfairly from 6 April 2007 to 1 November 2024. The scheme […]
Preparing for AML Tranche 2 – Why firms must act now
In a recent interview with Accountants Daily – Avoid last-minute AML/CTF scramble, warns recruiter (Australia), Momenta’s Simon Rippon highlighted the significant challenges facing accountants as AML Tranche 2 is implemented. With up to 90,000 new entities soon to be captured under AUSTRAC’s AML/CTF rules, the sector should prepare to experience one of the most profound […]
Navigating regulatory change in gaming and wagering
Recently, Momenta hosted a roundtable event which brought together senior leaders from the casino, wagering and online gaming industries. The discussions explored practical ways that the sector can keep pace with ongoing regulatory change while lifting outcomes for customers, communities and regulators. The heart of the challenge Several clear themes emerged with the standout premise […]
Elevate your career in Financial Crime: Momenta partners with Griffith University
The demand for skilled professionals in the Financial Crime sector is growing rapidly. With the upcoming AML Tranche 2 legislation set to reshape industries across Australia, the need for advanced knowledge and practical expertise has never been greater. To help meet this demand, Momenta is proud to announce a new partnership with Griffith University’s Academy […]
Navigating the FCA’s Pause on Motor Finance Complaints With the Right Talent
In a recent announcement, the Financial Conduct Authority (FCA) introduced a pivotal pause in the 8-week deadline for motor finance firms to address complaints involving discretionary commission. This strategic move is designed to afford firms the necessary time to comprehensively review and respond to complaints in a consistent and efficient manner. At the heart of […]
Navigating Collections Challenges: Momenta Group’s Expertise in Collections Solutions
In a fast-paced and unpredictable economic landscape, we have seen unprecedented challenges for both businesses and their customers. In the wake of the Covid 19 pandemic, various geopolitical emergencies and a subsequent cost of living crisis, it has never been more important for lenders to ensure they have the right strategy in place to support […]
Understanding Your Compliance Priorities in 2024: How Momenta People Solutions Can Strengthen Your Financial Crime and Compliance Teams
In the ever-evolving landscape of financial regulations, staying ahead of the curve is not just a goal; it’s a necessity. The recent announcement from AUSTRAC outlining regulatory priorities for the year ahead underscores the heightened focus on bolstering the financial system’s resilience against money laundering, terrorism financing, and other serious crimes. As organization’s brace for […]
Navigating AML Tranche 2 Reforms
The Australian Government is reforming Australia’s anti money laundering and counter-terrorism financing (AML/CTF) regime. These regulations propose to extend the existing AML/CTF legislation to certain high-risk services, known as tranche 2 services. The reforms aim to simplify and modernize the regime, reduce complexity, and harden Australian businesses against exploitation by serious organized criminals. Expert insights […]