Regulatory Updates

CBA faces criminal charges in relation to the alleged mis-selling of consumer credit insurance between 2011 and 2015.

After investigation …

A number of licensees authorised to provide personal advice to retail clients have been asked to provide to ASIC a …

FASEA announced that over 16,000 advisers have now passed the Financial Adviser Exam.  Only 60 per cent of candidates passed …

The Government has announced “temporary and targeted relief for financial advisers by reducing the cost recovery levies charged by the …

ASIC Chair, Joseph Longo, delivered a speech to the Association of Financial Advisers, in which he acknowledged existing challenges for …

ASIC published Information Sheet 264 FAQs: Design and distribution obligations for advice licensees and financial advisers.  The Information Sheet …

Restrictions on the way add-on insurance may be sold come into effect on 5 October 2021.  These restrictions, sometimes known …

The Federal Court has made declarations that Colonial First State Investments Limited made false or misleading representations and engaged in …

All licensees need to take care to avoid engaging in misleading and deceptive conduct.  Provisions prohibiting this conduct appear in …

A recent ASIC survey of superannuation trustees found that they had more work to do to get prepared for the …

The Government released a new Statement of Expectations for ASIC.  The new Statement follows the appointment of Joseph Longo as …

The website for the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry will be decommissioned by …

On 5 October 2021, a modified anti-hawking regime will come into play in relation to financial products.  The Financial Sector …

The Office of the Australian Information Commissioner has released a set of “universal privacy principles”, in collaboration with State and …

ASIC Deputy Chair, Karen Chester, delivered a speech to Risk Australia 2021 about risk-management and governance and, particularly, conduct risk. …

The Chair of ASIC, Joseph Longo, appeared before the Parliamentary Joint Committee on Corporations and Financial Services in relation to …

A quiet update from Treasury on 6 September resolves some inconsistencies in the new breach reporting regime.

Under the requirements …

ASIC has at last released an updated version of Regulatory Guide 78 Breach reporting by AFS licensees and credit licensees …

There’s a saying in improv: “Bring a brick, not a cathedral”.

While improv and the wonderful world of crypto …

Retirement Income Covenant.  The Government was consulting on its retirement income covenant position paper.  The proposed covenant would place …

Problems with the financial services regulatory regime

The Australian Law Reform Commission, which is inquiring into the potential simplification of …

AUSTRAC has released proposed amendments to the AML/CTF Rules for public consultation. The amendments add Chapters 79 and 80 and …

AUSTRAC has received reports of scammers sending emails to reporting entities and members of the public, pretending to be from …

The Australian Foreign Minister has announced that the Government plans to introduce amendments to the Autonomous Sanctions Act 2011 by …

FATF has published two recent updates relating to international ML/TF risk.

The updates relate to jurisdictions which may pose a …

AUSTRAC is continuing to improve its system and has continued to address issues faced by reporting entities through its System …

On 6 August, Holley Nethercote and other parties appeared before the Senate Select Committee on Australia as a Technology and …

A search of AFCA’s recently published determinations reveals that it has recently considered complaints lodged by users of digital currency …

Even though AFCA membership is a well-known part of a credit licensee’s general conduct obligations, 24 credit licensees had their …

FASEA reports that 14,850 advisers passed the relevant providers exam prior to July 2021.  This represents close to 70 per …

ASIC has pointed out that, as a result of two ASIC reviews, six of Australia’s biggest banks and financial institutions …

ASIC reports that the Federal Court has ordered NAB to pay an $18.5 million penalty for failures relating to misleading …

In proceedings brought by ASIC, the Federal Court found RI Advice Group Pty Ltd (owned by ANZ) failed to …

ASIC has released a report following up on the progress made by nine life insurance companies in the three years …

While fees for no service seems like an uncomfortable element of the industry’s past, it is still possible to take …

ASIC has reviewed registered managed funds’ illiquid asset valuation practices after gathering data between 1 March 2020 and 1 November …

ASIC has released its findings in relation to a surveillance of some of the first meetings held by trustees for …

After the High Court’s finding against Westpac (or, rather, two of its subsidiaries) earlier this year, the Federal Court has …

A recent Federal Court judgment has lessons for product issuers on how to ensure that their monitoring arrangements for outsourcing …

A recent Federal Court case provides useful guidance for all businesses when it comes to understanding requirements regarding unfair terms …

Treasury’s independent review of AFCA was scheduled to be finalised and to result in the presentation of a report to …

ASIC started civil penalty proceedings against two credit licensees, alleging that they engaged in “disruptive, aggressive and uncooperative behaviour toward …

Your reputation could be at risk, in more ways than one, if you engage in misleading or deceptive conduct or …

ASIC’s Corporate Plan 2021-25: Focus 2021-22 gives an indication of ASIC’s direction over the next four years.

Key comments from …

ASIC’s latest quarterly update gives an overview of the regulatory landscape from 1 April to 30 June this year.

The …

Current ASIC proceedings are sure to shed light on what the general licence obligations require of licensees in relation to …

ASIC has reminded AFS and credit licensees to be ready for some imminent deadlines for the commencement of significant regulatory …

The responsible manager (RM) of a licensee plays a key role under the financial services and credit licensing regimes.

However, …

Consultation Paper 341 Review of the ePayments Code: Further consultation.  ASIC is consulting on its proposed modifications to the …

End of grandfathered conflicted remuneration

Treasury has released a copy of ASIC’s report titled ‘Ending Grandfathered Conflicted Remuneration”.  The report …