Regulatory Updates

Optix Australasia Pty Ltd has paid $187,800 to comply with an infringement notice issued by ASIC for Optix’s failure to …

The relief allowing insurers and their representatives to give emergency payments to consumers, in certain circumstances, without first giving them …

In the wake of ASIC issuing proceedings against Cbus, death benefits was among the key topics covered by ASIC Commissioner …

Financial adviser Ian Reid has been suspended for three months by order of the Financial Services and Credit Panel, …

ASIC has issued a range of new guidance in relation to DBFO reforms.

The guidance covers:

• FSGs and website disclosure …

ASIC has filed civil penalty proceedings against United Super Pty Ltd, the trustee of Cbus, alleging that from September 2022 …

Advice licensees and insurance brokers will be pleased to hear that ASIC has released a range of guidance relating to …

Launching a new financial product has never been easy, but today, the list of factors you need to take into …

Scams Prevention Framework: exposure draft legislation. This consultation seeks feedback on the effectiveness of the draft legislation that implements …

ASIC issues 2023-24 update on licensing and professional registration activities

ASIC issued Report 797 Licensing and professional registration activities: 2024 …

The Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 is still before Parliament.

A core feature of the Bill is …

AUSTRAC has provided valuable insight and education materials on how it conducts its national risk assessments.

In July 2024, AUSTRAC …

AUSTRAC has released new resources and guidance, to help reporting entities manage their AML/CTF obligations.

Firstly, AUSTRAC has released sector …

AUSTRAC has reminded reporting entities of the critical role AUSTRAC plays in protecting Australia’s financial system and vulnerable communities from …

AUSTRAC is in the process of enhancing AUSTRAC Online, to make it simpler for businesses and reporting entities to engage …

AUSTRAC will be hosting forums in Sydney and Melbourne exclusively for AML/CTF advisers.

Held during November, the forums will be …

The Office of the Australian Information Commissioner has registered a new Privacy (Credit Reporting) Code 2024 (Version 3.0).

The OAIC …

ASIC has issued an interim stop order which underscores the breadth of the DDO regime.

The subject of the stop …

The Federal Court has ruled that Latitude Finance Australia and Harvey Norman Holdings Ltd engaged in misleading conduct and made …

AFCA held its latest member forums on 24 and 25 October 2024.

In his opening address, Chief Ombudsman and CEO …

AFCA recently consulted in relation to draft amendments to AFCA’s Approach to superannuation death benefits.

The proposed revised approach document …

On 14 October 2024, the Administrative Review Tribunal replaced the Administrative Appeals Tribunal as the primary tribunal for review of …

ASIC commenced Federal Court proceedings against QBE Insurance (Australia) Limited. ASIC alleges that QBE misled consumers when it made statements …

ASIC Commissioner, Kate O’Rourke, delivered the keynote address at the latest Annual Credit Law Conference. The address includes useful intel …

ASIC has released ASIC Annual Report 2023-2024. The Report sets out ASIC’s achievements during 2023-24, including:

• achieving regulatory and …

ASIC has reported on the findings of its surveillance of 19 issuers of high risk investment, insurance and credit products …

ASIC has cancelled two AFS licences and 11 Australian credit licences.

The grounds for cancelling the licences include:

• failing to …

The Commonwealth Bank of Australia has paid a $7.5 million penalty after it sent more than 170 million emails that …

The Government has announced its intention to introduce major reforms to the Australian Consumer law. The proposed reforms include the …

The Office of the Australian Information Commission has issued new guides for businesses explaining how the Australin privacy law applies …

ASIC is warning licensees to make sure their governance practices keep up as they adopt AI at an increasing pace. …

ASIC and the RBA have granted FinClear an Australian Market Licence and a Clearing and Settlement Facility Licence. The latter …

The Federal Court has found that a term in a life insurance contract is misleading. The decision is a lesson …

After nearly 10 years, ASIC Regulatory Guide 236 Do I need an AFS licence to participate in carbon markets? has …

Advice licensees can now make better use of DBFO concessions in relation to providing an FSG, thanks to an Instrument …

ASIC has published Information Sheet 286 FAQs: Ongoing fee arrangements and consents and Information Sheet 287 FAQs: Non-ongoing fee requests …

Today, ASIC released ASIC Corporations (Amendment) Instrument 2024/809, which amends section 941C of the Corporations Act 2001. The …

How do I apply to vary an AFS licence?

The application process is completed using an online form (ASIC Form …

Extension of record-keeping and breach reporting Legislative Instruments. This ASIC proposal was to extend a Class Order and Legislative …

Extended protections under whistleblower laws

Updates to whistleblower laws took effect on 1 July 2024 to extend existing protections to …

AUSTRAC has opened consultation on its draft updated guidance regarding alternative identification processes for customers who may struggle to provide …

AUSTRAC has reminded reporting entities of the crucial role they play in detecting and preventing child sexual exploitation.

Using the …

The Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 was introduced to Parliament on 11 September 2024.

The Bill is …

The Federal Court has found that the business model used by Rent4Keeps breached the National Consumer Credit Protection Act 2009 …

ASIC’s latest Market Integrity Update covers supervision priorities, operational resilience, and new ASIC powers, among other topics.

ASIC has published …

Recent ASIC changes to guidance are potentially useful for licensees looking to extend their business activities.

ASIC has made what …

The Federal Court has ordered Vanguard Investments Australia to pay a $12.9 million penalty for making misleading claims about ESG …

The Markets Disciplinary Panel has fined Macquarie Bank Limited $4.995 million, the highest penalty ever imposed by the MDP. The …

The Government has made Treasury Laws Amendment (Delivering Better Financial Outcomes) Regulations 2024. These support the operation of the …

The Financial Services and Credit Panel has been busy, updating its Outcomes Register on three occasions in the past month. …