ASIC’s open letter dated 29 January 2025 and the potential application of the Scams Prevention Framework to the superannuation industry highlight the need for trustees to adopt a proactive and integrated approach to managing scams. Our new online briefing note explores how superannuation trustees can enhance their scams prevention strategies by leveraging existing efforts to
ASIC releases practical field guide on consumer-centred remediation programs
To help licensees design and execute consumer-centred remediation programs, ASIC has recently released a practical field guide titled ‘Making it right: How to run a consumer-centred remediation’ (the Field Guide).
A consumer-centred remediation is one that puts the interests of consumers at the heart of every stage of the remediation. The Field Guide outlines
Possibility of extending the claws of BEAR
As the financial sector waits for the Australian Prudential Regulation Authority (APRA) to fully awaken the Banking Executive Accountability Regime (BEAR) through the provision of further guidelines, there is already a lot of chatter as to whether BEAR should be extended beyond its initial coverage of APRA-regulated Authorised Deposit-taking Institutions (ADIs).
The Parliamentary Joint Committee
Encouraging results on consumers’ perception of banks
In April 2016, the Australian Bankers’ Association (ABA) initiated the Banking Reform Program – Better Banking (Program).[1] The Program was developed to protect consumer interests, increase transparency and accountability, and to build consumer trust and confidence in banks through a range of initiatives.
Edelman Intelligence has conducted two rounds of