Regulatory Updates

AFCA continues to see large numbers of complaints lodged with it, with more than 9,500 complaints lodged in May 2023. …

ASIC has announced that it has updated the Information Sheets listed below. According to ASIC, the updates have been made …

The Government released the Final Report on the Review of ASIC and the Industry Funding Model (IFM). The Government press …

The package of legislation passed by Parliament setting up the compensation scheme of last resort has received Royal Assent and …

ASIC has announced that between October and December 2023, it will update a number of Regulatory Guides.

They are:

• Regulatory …

When we think of trending, we think of what’s popular on Twitter or TikTok, and these trends generally don’t last …

Inquiry into greenwashing. This inquiry, referred to the Senate Standing Committees on Environment and Communications, will look at greenwashing …

Cyber resilience and superannuation CEOs

ASIC and APRA have released the public notes on the fourth Superannuation CEO Roundtable held …

FATF has updated its consolidated list of ML/TF country assessment ratings.  This list assesses the effectiveness and technical compliance of …

AUSTRAC and Crown have filed joint submissions with the Federal Court of Australia, proposing a $450 million penalty over Crown’s …

AUSTRAC has accepted an enforceable undertaking from the Bank of Queensland to improve its compliance with Australia’s AML/CTF laws.

The …

The first round of public consultation on the proposed reforms to the AML/CTF regime has drawn to a close.

Further …

AUSTRAC has launched its new and improved website which has been designed to make it easier to navigate and find …

AUSTRAC has released guidance on debanking, entitled Financial services for customers that financial institutions assess to be higher risk. …

On 12 June, two new sections of the National Consumer Credit Protection Act 2009 took effect. The Financial Sector Reform …

Following an ASIC investigation, former CFO of Big Un Limited, Mr Andrew Scott Corner, has been charged with insider …

ASIC has opened consultation in relation to its proposed plan to remake, without significant changes, its managed investment scheme unit …

ASIC has sent a strong message following a review of a sample of 12 superannuation trustees. It calls on trustees …

ASIC has released Report 765: When the price is not right: Making good on insurance pricing promises and has called …

ASIC has granted relief to life and general insurers on the confirmation of transaction requirements in prescribed circumstances.

Since January …

ASIC released its focus areas for the 30 June 2023 reporting period and the dominant theme in its media release …

ASIC has accepted an enforceable undertaking from financial adviser Gregory Blackaby.

Mr Blackaby was a former director and financial adviser …

The ASIC Corporations (Registration of Relevant Providers) Instrument 2023/490 was recently registered on the Federal Register of Legislation. It commenced …

ASIC has begun publishing outcomes of decisions of the Financial Services and Credit Panel, starting with two decisions.

In the …

The Treasury Laws Amendment (2023 Measures No. 3) Bill 2023 has been introduced into Parliament, further progressing the possibility of …

The Government has issued its formal response to the Quality of Advice Review, with the Final Report from Michelle Levy …

The Treasury Laws Amendment (2023 Law Improvement Package No. 1) Bill 2023 has been introduced to Parliament.

The Bill seeks, …

ASIC speeches, published on its website, can provide good insights into the regulator’s current priorities. Speeches delivered by ASIC over …

ASIC has invited regulated entities (including licensees) to take part in a survey designed to assess cyber resilience in Australia’s …

The Digital Assets (Market Regulation) Bill 2023 will be considered by the Economics Legislation Committee for a little longer than …

ASIC announced that Buy Now Pay Later entity Humm BNPL Pty Ltd successfully took corrective action in response to an …

In another interim stop order “first”, ASIC has issued an interim stop order against one superannuation product and three managed …

ASIC has continued its trend of taking action in relation to the product design and distribution obligations. It has issued …

After protracted consideration, Parliament has passed a package of legislation to set up the compensation scheme of last resort.

The …

The Federal Government has responded to the Quality of Advice Review, adopting 14 recommendations in full or in principle today. …

Last month, the Australian Securities and Investments Commission (ASIC) updated its guidance on the breach reporting regime, with …

AFCA’s proposed amended approach to non-financial loss claims (March 2023). AFCA is proposing to add a matrix to its …

ASIC cancels AFS licences – ceasing to carry on financial services business

ASIC cancelled the licence of DGR Bloodstock Services …

During April, the Virtual Assets Contact Group of the FATF met in Tokyo to discuss global progress and challenges in …

FATF has updated its consolidated list of ML/TF country assessment ratings.  This list assesses the effectiveness and technical compliance of …

AFCA continues to see an increase in the number of complaints lodged with it, with a record number of complaints …

Treasury has released draft legislation in order to address uncertainty around the ability of AFCA to hear complaints relating to …

Financial Services Minister, Stephen Jones, has announced that Buy Now, Pay Later services will be regulated as credit products. …

The National Consumer Credit Protection Amendment (Financial Sector Reform) Regulations 2023 were recently registered on the Federal Register of Legislation. …

ASIC has commenced proceedings against car finance provider Money3 Loans Pty Ltd for alleged breaches of its responsible lending obligations …

As part of its review of the Legislative Framework for Corporations and Financial Services Regulation, the Australian Law Reform Commission …

ASIC has issued proceedings against HCF Life Insurance Company Pty Limited. ASIC alleges that three types of insurance policies issued …

ASIC has successfully sued MLC Limited in the Federal Court of Australia, with the judgment covering:

• false or misleading representations …

ASIC released Report 764: ASIC enforcement and regulatory update: January to March 2023 which provides an overview of ASIC’s work …

ASIC issued an infringement notice to superannuation fund promoter, Future Super Investment Services Pty Ltd.

Future Super is the promotor …