ASIC review finds unacceptable delays by financial institutions in reporting, addressing and remediating significant breaches

From

In a report released yesterday, ASIC has identified serious, unacceptable delays in the time taken to identify, report and correct significant breaches of the law among Australia’s most important financial institutions. The report REP 594 Review of selected financial services groups’ compliance with the breach reporting obligation examined the breach reporting processes of 12 financial services groups, including […]

continue reading

Regulated by ASIC? Urgent action required by 27 September

From

Organisations and individuals regulated by ASIC must act by this Thursday 27 September to meet their legal obligations under new industry funding laws. ASIC sent a letter in July to each organisation and individual’s company’s registered office address. This letter advised how to provide industry funding contact details and submit business activity metrics in the […]

continue reading

ASIC reports on climate risk disclosure by Australia’s listed companies

From

An ASIC report on climate risk disclosure by Australia’s listed companies has found more can be done to improve consistency in disclosure practices across listed companies, with very limited climate risk disclosure outside of the top-200 companies. Report 593 Climate risk disclosure by Australia’s listed companies (REP 593) sets out ASIC’s high-level findings and recommendations for listed companies […]

continue reading

Financial firms must join AFCA now

From

ASIC warns all Australian financial services licensees, Australian credit licensees, authorised credit representatives and superannuation trustees that they must join the Australian Financial Complaints Authority (AFCA) now if they have not already done so. The Minister for Financial Services set a membership deadline for joining AFCA of 21 September 2018. This can be done via […]

continue reading

ASIC urges organisations to act on industry funding before 27 September

From

The deadline is approaching for organisations and individuals regulated by ASIC to meet their legal obligations under new industry funding laws. ASIC sent a letter in July to each registered office address. This letter advised how to provide industry funding contact details and submit business activity metrics in the new ASIC Regulatory Portal by 27 September 2018. ASIC […]

continue reading

ASIC approves Australian Financial Complaints Authority rules

From

The Australian Securities and Investments Commission (ASIC) has approved the Australian Financial Complaints Authority (AFCA) Complaint Resolution Scheme Rules and the Terms of Reference of the AFCA Independent Assessor (IA). ASIC is required to approve material changes to the AFCA scheme under the Corporations Act, 2001.  This is a key part of ASIC’s role in overseeing the […]

continue reading

ASIC reviews insurance in superannuation

From

The Australian Securities and Investments Commission (ASIC) has released a report on the provision of insurance cover through superannuation. ASIC’s review of 47 superannuation trustees focused on: insurance claims and complaints handling, disclosures about insurance (including about cover ceasing), insurer rebates paid to trustees, and whether members were defaulted into demographic categories that resulted in […]

continue reading

ASIC updates guidance for trustees of wholesale equity schemes

From

ASIC has released Regulatory Guide 192 Licensing: Wholesale equity schemes (RG 192) following public consultation. The updates to the guidance reflect: the changes made to the relief provided in ASIC Corporations (Wholesale Equity Scheme Trustees) Instrument 2017/849 to trustees of wholesale equity schemes that are operated by a manager holding an Australian financial services (AFS) licence; and the amendments made […]

continue reading

ASIC’s review of direct life insurance finds high cancellation rates and poor claims outcomes

From

ASIC’s review of direct life insurance sales has found that sales practices and product design are leading to poor consumer outcomes. ASIC’s Report 587 released today reveals that: Consumers are cancelling their policies in very high numbers: one in five of all policies taken out were cancelled in the cooling off period one in four of all […]

continue reading

ASIC publishes a review of reverse mortgage lending

From

A review by ASIC has found that reverse mortgages are allowing older Australians to achieve their immediate financial goals – improving their lifestyles in retirement – but longer-term challenges exist. For older Australians who own their home with few other assets, a reverse mortgage can allow them to draw on the wealth locked up in […]

continue reading