October was another busy month in the financial services regulatory space. ASIC issued a number of new legislative instruments to continue the relief available under sunsetting class orders, while also removing certain notification obligations under the reportable situations regime. Interestingly, these changes were followed by ASIC’s second publication on insights from the reportable situations regime,
Gearing up for mission critical – APRA’s new expectations for insurers
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.