Update on ASIC’s recent greenwashing actions

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ASIC has released a short report detailing the 35 interventions it has made in response to its greenwashing surveillance activities from 1 July 2022 to 31 March 2023. The report... Read more continue reading

ASIC updates the implementation timeframe for the internal dispute resolution data reporting framework

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ASIC has updated the implementation timeframe of the internal dispute resolution (IDR) data reporting framework to support smooth implementation of this important reform for firms reporting their IDR data for... Read more continue reading

ASIC calls on investment product issuers to ‘lift their game’ on design and distribution obligations

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ASIC has called on investment product issuers to ‘lift their game’ after an initial review found significant room for improvement in how they meet their design and distribution obligations (DDO).... Read more continue reading

ASIC releases updated guidance for licensees on reportable situations

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ASIC has released updated guidance for industry on making notifications to ASIC under the reportable situations regime (formerly breach reporting). The updates to Regulatory Guide 78 Breach reporting by AFS licensees and... Read more continue reading

Super trustees told to focus more on their members in communications about performance test failure

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An ASIC review of performance communications by trustees that again failed the annual performance test for MySuper products in 2022 has highlighted that while improvements have been made, some trustees... Read more continue reading

New ASIC Remediation Guidelines – a practical adviser framework

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Remediation is big news In March 2023, ASIC published what it said would be its last update on the large-scale remediation of financial advice clients by major financial institutions[1]. These... Read more continue reading

ASIC and IOSCO report on combatting retail market misconduct

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The International Organization of Securities Commissions (IOSCO) has today published a report calling for greater international collaboration and cooperation to combat cross-border scams, greenwashing, misconduct, and fraud. ASIC Chair Joe... Read more continue reading

Superannuation trustees urged to improve insurance outcomes for members

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Trustees need to continue to focus on improving the life insurance they provide their members. A recent ASIC review highlights areas where trustees should be making meaningful improvements to deliver... Read more continue reading

ASIC grants conditional relief to facilitate reissue of certain life insurance policies

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ASIC has provided conditional relief for life insurers from the design and distribution obligations (DDO) when reissuing life insurance policies in certain, limited circumstances. The relief is set out in ASIC... Read more continue reading

QAR and the future of Limited Advice

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QAR – are we closer to solving the limited advice conundrum? One of the most longstanding and contentious issues within financial advice is that of limited (or scaled, or episodic)... Read more continue reading