One Wednesday 17 November 2021, ASIC released a draft updated and expanded regulatory guide to consult on the way licensees should conduct remediations to return money owed to consumers.The draft guidance is an important step to improving remediation across the financial services industry. Proactive remediation upon discovery of misconduct or other failures is necessary for […]
On Friday 5 November 2021, ASIC released an information sheet on records of advice (ROA) and three ROA examples to provide clarity to financial advisers and advice licensees on their obligations when using ROAs to provide personal advice to retail clients. INFO 266 FAQs: Records of Advice answers frequently asked questions (FAQs) about ROAs, including questions about […]
On Wednesday 13 October 2021, ASIC released the following statement: Whistleblowers are an essential part of an organisation’s ability to detect misconduct and identify, escalate and address issues. ASIC has written to CEOs of public companies, large proprietary companies and trustees of registrable superannuation entities (RSEs) urging them to review their whistleblower policies to ensure […]
On Friday 15 October 2021, ASIC released an updated information for employers and trustees about changes affecting the distribution of superannuation products as a result of recent law reforms (refer Background). Employers have an obligation to ensure that superannuation guarantee contributions are paid on time to their employees’ superannuation fund of choice. ASIC’s Information Sheet 89, Communicating […]
ASIC has published updated regulatory guidance on the prohibition of hawking financial products. ASIC’s updated regulatory guide (RG 38) reflects the reforms to the anti-hawking regime under the Financial Sector Reform (Hayne Royal Commission Response) Act 2020, which commence on 5 October 2021. These reforms flow from recommendations of the Royal Commission into Misconduct in the […]
On Wednesday 15 September 2021, ASIC released the following statement: ASIC’s Licensing and professional registration activities: 2021 update (Report 700) outlines key issues, new and proposed changes to our licensing processes, and other work we have undertaken that affects licensees. Between July 2020 and June 2021, ASIC received 1,883 Australian financial services licence (AFSL) and Australian […]
The Government has released for public consultation legislation that implements the tax and regulatory components of the CCIV (corporate collective investment vehicle) regime and related explanatory materials. A CCIV is an investment vehicle with a corporate structure similar to comparable vehicles overseas. A single CCIV can offer multiple products and investment strategies within the same vehicle. […]
Downloads Amendments to the Design and Distribution Obligations 175.73 KB Amendments to the Design and Distribution Obligations 177.56 KB The Design and Distribution Obligations (DDO) regime was initially scheduled to commence on 5 April 2021, after the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019 was passed in April 2019. However, commencement of the regime […]
Date: 06 August 2021 – 20 August 2021 Consultation Type: Proposals Paper Email: SDBconsultation@treasury.gov.au Key Documents Policy Paper 460.13 KB Policy Paper 1.24 MB Attachment 1: Disciplinary Process – ASIC and the FSCP 125.64 KB Recommendation 2.10 of the Financial Services Royal Commission Final Report recommended the establishment of a single disciplinary body for financial advisers and the requirement that all financial advisers […]
On Wednesday 28 July 2021 ASIC released a new regulatory guide and final customer information requirements as part of its work to implement the new deferred sales model for add-on insurance (RG 275). The deferred sales model introduces a mandatory four-day pause between the sale of a principal product or service and the sale of […]