The Australian Prudential Regulation Authority (APRA) has finalised Prudential Standard CPS 230 (Operational Risk Management) (CPS 230) following a year-long industry consultation. The new prudential standard commences on 1 July 2025 and applies to all APRA-regulated entities, encompassing banks, insurers (general, life and health) and registrable superannuation entity licensees. This
A case of déjà vu? Unfair Contract Terms changes are coming to insurance contracts…again
If you are feeling a case of déjà vu after reading this headline, you are not alone. Just over two years since the unfair contract terms (UCT) regime came into effect for insurance contracts, a revamped regime commences on 9 November 2023. Insurers are yet again reviewing insurance contracts that may now be
Financial services monthly wrap-up: December 2022 and January 2023
As 2022 came to a close, the regulators concluded the year with a busy month in December. Notably, ASIC ended the year by reminding stakeholders of the importance of ensuring that claims made in relation to a product were accurate, especially in the context of environmental claims, reflecting ASIC’s increased focus on greenwashing in 2022.