The month of February 2021 has seen continued momentum for a raft of changes affecting financial services providers from various industries. APRA has released its new policies and priorities for 2021, which have a particular focus on the impacts of COVID-19 and seek to strengthen the financial services sector in dealing with future crises. The ‘Your Future, Your Super’ Bill has been introduced to Parliament which proposes significant superannuation regulatory reform. A key High Court decision has clarified the scope of personal financial product advice as distinct from general advice, and the Insurance Council of Australia has brought a second test case for business interruption insurance before the Federal Court.
More information on these developments, as well as other industry news can be found here.