The months of June and July have seen a flurry of regulatory developments. Treasury has committed to adopting the bulk of the Quality of Advice Review Recommendations, published its second consultation paper on climate disclosure and has announced its intention to uplift Superannuation Performance Testing. As expected with the close of the financial year, disclosure
Financial services monthly wrap-up: May 2023
The month of May saw a broad range of activities within the financial services industry. ASIC released the results of its review into compliance with the design and distribution obligations as well as updating the industry on their greenwashing actions. ASIC also commenced proceedings against an insurer, alleging unfair contract terms in an insurance contract
ASIC’s 10 May Greenwashing update: A trimming of the sheets or Season 2 of ‘How to avoid greenwashing’
This post was co-authored with Abhirami Ravishankar.
On 10 May 2023, following the Federal Treasurer’s Budget announcement of additional funding for ASIC’s greenwashing surveillance and enforcement work, ASIC issued two noteworthy publications providing guidance for market participants on how, and how not to, display their green credentials.
The first release was the ASIC Report 763
Financial services monthly wrap-up: April 2023
April was another fast moving month in the financial services sector. ASIC released updates to the breach reporting requirements to introduce new guidance and clarify existing guidance regarding reportable situations. The regulator also provided further communications surrounding the superannuation performance test, as well as commenced proceedings against an insurance company alleging unfair contract terms in
FS Monthly Wrap-Up – March 2023
The month March was a busy month which saw some significant developments in the financial services sector. Notably, ASIC is currently consulting on class orders about financial requirements in considering whether to remake certain class orders. The regulator is also consulting on ‘sunsetting’ class orders changing responsible entities and equal treatment. ASIC also granted conditional
Financial services monthly wrap-up: February 2023
The month of February saw ASIC and APRA outlining their plans for the year ahead. ASIC announced that it would be expanding its enforcement focus areas in 2023 and published a timeline for regulatory developments. It also released its first Indigenous Financial Services Framework, which was a landmark document for the regulator. APRA released its