Regulatory Updates

With a year like no other, AFCA has seen a change in the types of complaints it received throughout 2020. …

AFCA has released its submission to the Independent Review currently being undertaken by Treasury into the first two years of …

ASIC has issued an Information Sheet, INFO 250, about its ability to share information with AFS and credit licensees …

ASIC Chair, James Shipton, has commented on the expense reimbursement issues that unfolded in October 2020.

For a quick recap, …

The role of the ACCC in the financial services sector has grown since the last time we explored its involvement …

Attachment 1 to CP 311: Draft updated RG 165 and Attachment 2 to CP 311: Draft data dictionary.  ASIC …

This year, the Corporations Act 2001 (Cth) is celebrating its 20th year of existence – the actual “birthday” is 15 …

AUSTRAC has published the proposed Phase 1.5 amendments to the AML/CTF rules.  These reforms include amendments to:

• make it clear …

Ding Yang, director of a former Melbourne-based mortgage brokerage company, Advanced Choice Finance Pty Ltd (ACF), has pleaded …

Parliament has agreed to the Government’s updated Mandatory Comprehensive Credit Reporting (CCR) regime, with the aim to increase …

Nikitins (Liquidator) v EncoreFX (Australia) Pty Ltd (in liq), in the matter of EncoreFX (Australia) Pty Ltd (in liq) (No …

ASIC has permanently banned former Sydney financial adviser, Daniel Stuart McSweeny, from providing financial services.

Mr McSweeny was an authorised …

ASIC has published the latest statistics on the amount of compensation paid or offered to customers by AMP, ANZ, CBA, …

ASIC has suspended the Investors Exchange Limited (IEL)’s AFS licence for six weeks because of its failure to …

APRA has published statistics on the uptake of the COVID-related early release of superannuation scheme from the Scheme’s inception to …

In an attempt to protect superannuation balances from excessive fees and poor earnings, the Government has introduced the Treasury Laws …

FASEA has announced that there will only be five more exam sittings this year.  Existing advisers who have not yet …

The Financial Sector Reform (Hayne Royal Commission Response No. 2) Bill 2020, which contains the proposed new law regarding …

The Financial Sector Reform (Hayne Royal Commission Response No. 2) Act 2020 has been passed by Parliament and will bring …

ASIC has published an article explaining ASIC’s expanded role in regulating trustees of superannuation funds as a ‘conduct’ regulator (as …

Have you ever considered where your licensee’s key data breach risk may come from?  After criminal and malicious actors, it …

ASIC has imposed additional conditions on the AFSL of Poynter Hargraves Financial Consultants Pty Ltd (Poynter Hargraves) after …

Allianz Australia Insurance Limited (Allianz) has been charged with seven counts, and AWP Australia Pty Ltd (AWP …

ASIC has issued ASIC Corporations (Amendment) Instrument 2021/116 to amend the sunset date of ASIC Corporations (Litigation Funding Schemes) Instrument …

ASIC has filed an application with the Federal Court alleging that NAB engaged in unconscionable conduct and misrepresentation over periodic …

In December 2020, ASIC commenced civil proceedings against the Commonwealth Bank of Australia (CBA) for charging interest on …

AFCA has recently published a determination that deals with ASIC’s notice of 11 April 2019, and the issue of whether …

ASIC has released an Immunity Policy for certain serious contraventions of the Corporations Act 2001, such as market manipulation, …

APRA has released its key policy and supervision priorities for 2021.  Among the key priorities outlined are:

• finalisation of prudential …

Electronic signing and witnessing

Don’t put away your favourite electronic pen just yet – electronic signing for companies may be …

The legislation that ‘creates’ AFCA, requires the Minister to establish an independent review of AFCA’s operations and conduct.

Treasury has …

The report into Crown Casino, which the NSW government appointed Justice Bergin to undertake under section 143 of the Casino …

ASIC Commissioner, Sean Hughes, delivered a speech to the Australian Finance Industry Association (AFIA) Risk Summit and discussed …

The High Court of Australia has given its final verdict on when the line will be crossed between the giving …

In September 2020, the Government appointed the Australian Law Reform Commission (ALRC) to review the legislative framework for …

The Australian Securities and Investments Act 2001 (Act) gives ASIC the power to issue section 30 and section 33 notices …

FATF survey on enhancing cross-border payments.  The Financial Action Task Force (FATF) is seeking feedback from participants …

Finbold has released a report on bank fines issued globally during the period 1 January 2020 to December 31 2020. …

AUSTRAC has outlined some of the typical ways in which trade-based money laundering criminals take advantage of the size and …

FATF has published two recent updates relating to international ML/TF and the high-risk jurisdictions that pose a risk to the …

ASIC has banned Astna Shirtika Sahay from engaging in credit activities for five years after discovering that she allowed her …

Draft legislation has been introduced to Parliament which, if passed, will require debt management firms, that are paid to represent …

ASIC is aware of a recent increase in imposter bond investment offers targeting investors in Australia and overseas.  The scam …

A former financial adviser, Keith Flowers (formerly known as Nigel Flowers), has been charged with and has pleaded guilty to …

ASIC has banned a financial adviser with nearly 25 years of experience in the industry, Jim Pavlidis, from providing financial …

The significant reforms to Australia’s insolvency regime that we reported on in our December T-REX, came into effect on 1 …

ASIC has amended its Licensing Kit and online AFSL application form to address the new authorisations in relation to claims …

On 23 December 2020, IOSCO’s Retail Market Conduct Task Force (RMCTF) published the Retail Market Conduct Task Force …

ASIC has introduced a new legislative instrument, ASIC Corporations (AFCA Regulatory Requirement) Instrument 2021/0002, to the definition of “representative” …

ASIC has commenced legal proceedings in the Federal Court against Squirrel Superannuation Services Pty Ltd (Squirrel) for making …