Regulatory Updates

AFCA has published updated versions of its Rules and Operational Guidelines on 2 January 2024 to include the adjusted compensation …

A recent decision of the High Court in relation to the Ruby Princess case provides further guidance on unfair contract …

On 18 January 2024, the Attorney-General tabled the Australian Law Reform Commission Final Report, Confronting Complexity: Reforming Corporations and Financial …

A recent Federal Court order is a wake-up call to both AFS and credit licensees about the risks of making …

AFS licensees must register financial advisers who provide personal advice to retail clients on relevant products, with ASIC by 16 …

It’s hard to believe that we are approaching the end of 2023. Wrapping up for the year provides the perfect …

Continuous disclosure: Review of changes made by the Treasury Laws Amendment (2021 Measures No. 1) Act 2021. This Consultation …

Financial adviser banned for five years

ASIC banned a financial adviser from providing financial services or engaging in credit activities …

AUSTRAC has provided a recap on its global financial intelligence collaborations for 2023, which includes:

• increases in intelligence exchanges on …

AUSTRAC has reminded reporting entities of the importance of lodging SMRs in helping prevent abusive messaging in financial transactions, particularly …

AUSTRAC has provided a recap of the 2023 RegTech Symposium, which took place on 1 November 2023 and looked at …

It is once again almost that time of year to lodge your Annual Compliance Report, which is due by …

AUSTRAC has made changes to the AUSTRAC Online login page and password reset process.

Whilst the AUSTRAC Online login page …

AUSTRAC has announced its regulatory priorities for 2024.

These include an ongoing focus on businesses understanding, mitigating and managing their …

The Government has made Treasury Laws Amendment (Precontractual Disclosure and Other Measures) Regulations 2023.

One purpose of the Regulations …

ASIC Corporations (Amendment) Instrument 2023/876 commenced on 28 November 2023 to provide further clarification on provisions which commenced earlier in …

The ACCC has released Retail deposits inquiry final report.

The ACCC made seven recommendations based on its inquiry findings. …

ASIC has issued two infringement notices to investment manager Northern Trust Asset Management Australia Pty Ltd. Northern Trust has paid …

ASIC has commenced action in relation to a corporate advisory company and its director, in relation to market rigging, conflicts …

ASIC and APRA have set out their regulatory expectations and areas for industry focus in relation to life insurance premium …

Treasury has released a draft Determination intended to improve the delivery and accessibility of the financial adviser exam. In light …

The Financial Services and Credit Panel has made registration prohibition orders against two financial advisers.

These advisers have had their …

RACQ Insurance Limited has been ordered to pay a $10 million penalty by the Federal Court for potentially misleading customers …

The Federal Court has ordered superannuation trustee OnePath Custodians Pty Ltd to pay a $5 million penalty for making false …

From 1 February 2024, financial advisers who provide personal advice to retail clients on relevant financial products must be registered …

The Government has provided a final response to the Quality of Advice review, as part of the Delivering Better Financial …

The Australian Cyber Security Centre continues to release resources to assist business to develop a robust cyber security framework and …

There is no indication as to whether the Australian Law Reform Commission has met its obligation to provide to the …

AFCA has now been in operation for five years. To mark this milestone, AFCA’s Chief Ombudsman and CEO, David Locke, …

AFCA has published the details of 443 financial firms and Authorised Credit Representatives that have been expelled from AFCA.

Financial …

ASIC has released its list of levies to be charged for 2022-23. Invoices will be sent to licensees between January …

ASIC has updated various forms of guidance in light of the registration of ASIC Corporations and Credit (Amendment) Instrument 2023/589 …

Financial Services Minister Stephen Jones will today announce legislation implementing most of the reforms recommended by Michelle Levy last year …

Screen scraping is a technology that collects displayed data to be used for another purpose. Perhaps most commonly, it is …

Reforms to the Payment Systems (Regulation) Act 1998 – Exposure draft legislation. This draft legislation aims to update the …

ASIC has website “takedown” power

Assistant Treasurer Stephen Jones and ASIC Deputy Chair Sarah Court held a press conference about …

The Supreme Court of New South Wales recently found that Beyond Bank Australia Ltd (Beyond Bank) wrongfully de-banked Human Appeal …

AUSTRAC has again highlighted the importance of entities lodging suspicious matter reports (SMRs), in stopping crimes such as the sexual …

AUSTRAC has continued its collaboration with partner financial intelligence units across the Pacific, providing the Cook Islands Financial Intelligence Unit …

AUSTRAC has accepted an EU from Gold Corporation (trading as Perth mint) to uplift its compliance with AML/CTF Laws.

In …

With data breaches becoming more common, AUSTRAC has released new guidance on data breaches.

The guidance aims to help businesses …

AUSTRAC has established an operational response to the unfolding conflict in Israel/Gaza.

The response covers a range of AUSTRAC’s capabilities …

AUSTRAC has opened consultation on draft AML/CTF Rules amending Chapter 21 of the AML/CTF Rules, and a draft Explanatory Statement. …

With significant numbers of consumers experiencing financial distress and difficulty due to cost-of-living pressures, ASIC has called for lenders to …

Licensees may be impacted by the proposals set out in the Government’s Sustainable Finance Strategy Consultation paper.

The strategy …

The FSCP has decided not to take action against a relevant provider who had clients sign blank off-market transfer forms. …

The commencement of the Treasury Laws Amendment (2023 Measures No. 3) Act 2023, means that a financial adviser who …

ASIC has signaled its intention to take strong, targeted enforcement action in the coming months and into 2024, as part …

ASIC has supervised more than $17.4 million in compensation payments to retail clients affected by breaches of financial services laws …

The Superannuation (Objective) Bill 2023, which would enshrine the objective of superannuation in legislation, was introduced into Parliament this …