ASIC extends temporary financial advice relief measure in COVID-19 instrument

From

ASIC has announced that it will extend one of three temporary relief measures designed to help the financial advice industry provide consumers with affordable and timely advice during the COVID-19 pandemic. The original relief measures were announced on 14 April 2020 and are set out in ASIC Corporations (COVID-19—Advice-related Relief) Instrument 2020/355  (refer: 20-085MR). Instrument 2020/355 expires... Read more continue reading

ASIC warns time is fast running out for insurance claims handling AFS licence applications

From

ASIC has called on insurance claims handling firms to lodge licence applications (new and varied) as soon as possible, and by no later than 7 May 2021. Since 1 January 2021, claims handling and settling is a financial service which requires a licence by 1 January 2022. Deputy Chair, Karen Chester said ‘Time is running... Read more continue reading

Breach reporting is about to become more onerous

From

A new breach reporting regime will commence on 1 October 2021 and it will be more onerous on licensees than ever before. One of the most notable changes is that credit licensees are now required to report significant breaches for the first time. In this blog, we outline the other key changes that you need... Read more continue reading

Australia needs to regulate cryptocurrency market to ensure it remains globally competitive

From

Australia’s largest digital assets exchange, BTC Markets, is calling for regulatory oversight of the domestic digital assets market amid a renewed surge in demand for Bitcoin and other cryptocurrencies. According to BTC Markets, there are gaps in Australian regulation relating to digital financial products and the exchanges who support them. The technology and ideology that... Read more continue reading

The BFO invites future leaders in finance to be ambassadors for ethics

From

The Banking and Finance Oath (The BFO) has announced applications are now open for its 2021-2022 Young Ambassador Program. The Program encourages and supports students and graduates to adopt a strong ethical foundation as they begin their careers in the banking and finance industry. Recognising students as the future leaders of the banking and finance... Read more continue reading

BNPL Code – to B or not to B a member?

From

The Australian Finance Industry Association (AFIA) has released a new voluntary Buy Now Pay Later (BNPL) Code (Code) to address criticism that the industry is under-regulated and to enhance consumer protections. The objective of the Code is to encourage a customer centric approach, promote industry standards and drive an uplift in compliance. In doing so,... Read more continue reading

Royal Commission highlights retired Australian’s desire to live at home; Household Capital helps them to make it safe

From

Household Capital welcomes the government’s Royal Commission into Aged Care and looks forward to meaningful and urgent reform of the aged care industry. Says Dr Joshua Funder, Chief Executive Officer of Household Capital, “The challenge of meeting the needs of an aging population will only be met when we come together to ensure that older... Read more continue reading

CPD: Cyber risk – governance implications for Australian financial advisers

From

A cautionary tale…. Imagine, just briefly, a small financial planning practice in Australia. And imagine that firm was infiltrated by an invisible cybercriminal, possibly from overseas, who gained unauthorised access to that firm’s network server, containing highly sensitive personal information on their clients, including account details, passwords, tax file numbers. Imagine, further, that cybercriminal spent... Read more continue reading

Regulatory response – What you need to know about claims as a financial service

From

The Financial Sector Reform (Hayne Royal Commission Response) Bill 2020 was passed by Parliament on 10 December 2020. It covers a range of reforms, in line with the revised regulatory timetable and includes claims handling and settling services for insurance products regulated by ASIC (Claims as a Financial Service). ASIC also issued a draft information... Read more continue reading

The retrospective effect of The State Revenue Legislation Further Amendment Act 2020 (NSW) on discretionary trusts 

From

An important reminder that discretionary trusts that have already sold all residential properties before the deadline of 31 December 2020 could still be assessed for foreign surcharge purposes under the new NSW laws even if the trusts have already been wound up. The retrospective effect of The State Revenue Legislation Further Amendment Act 2020 (NSW) means the surcharge... Read more continue reading