5 YEARS ON FROM THE ROYAL COMMISSION

It has been 5 years since Commissioner Hayne, in February 2019, released the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (FSRC). It was a watershed moment for the financial services sector, with the rippling effects still being felt 5 years on. It is safe to say … Read more

HSF advises AFMA in obtaining UCT relief from ASIC

The HSF Financial Services Regulatory team is pleased to have advised the Australian Financial Markets Association (AFMA) in obtaining welcome relief from ASIC in relation to the unfair contracts terms regime under the Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act), which was recently expanded with effect from 9 November 2023. ASIC has adopted … Read more

GLOBAL FSR OUTLOOK 2024: FINDING SOLID GROUND AS THE BEDROCK SHIFTS

In 2024, the character of change is more foundational – or fundamental – in nature than ever before. From ESG to AI, the shape of the world we live in is changing in a radical way. In this, our annual Global Outlook, we look at the paths through the shifting landscape for firms seeking solid … Read more

2023 wrap-up: AML/CTF reform, scams focus, tipping off and account closures

2023 wrap-up: AML/CTF reform, scams focus, tipping off and account closures In reflecting on the regulatory changes that have been implemented or proposed in 2023, a consistent priority has been protecting consumers from bad actors. The Federal Government has undertaken measures to introduce a whole of ecosystem approach to preventing scams. Australia’s unfair contract terms … Read more

HSF FSR Australia Notes – 2023 Wrapped

Welcome to HSF FSR Australia Notes – 2023 Wrapped! It has been another big year of regulatory change and enforcement action in the Australian financial services market, with DDO, unfair contract terms and breach reporting attracting a lot of attention and discussion among industry and the regulators. In our 2023 Wrapped, we take a look … Read more

FSR GPS Podcast Series – EP8: Scams Code Framework Briefing

EP 8: Scams Code Framework Briefing In this episode, Partners Charlotte Henry and Andrew Eastwood discuss the Australian Government’s recent consultation on the Scams Code Framework. Soundcloud | Spotify | Apple      About the FSR GPS Podcast Series Our “FSR GPS” podcast series explores topical and emerging issues in financial services regulation that are of strategic importance … Read more

ASIC doubles down – DDO pressure points

Following months of heightened scrutiny on target market determinations (TMDs) across the financial services sector, we are seeing signs that ASIC has shifted its focus on broader product and distribution governance under the DDO regime. In particular, ASIC has started issuing statutory notices and asking questions as part of a thematic review into how issuers and distributors are complying with their reasonable steps obligations. In this article, we focus on some of the key pressure points in DDO compliance as ASIC shifts its focus. Read more

HSF PUBLISHES GLOBAL BANK REVIEW 2023: TRUST MATTERS

On 9 October 2023, Herbert Smith Freehills published its 2023 Global Bank Review: Trust matters. This year, we’re diving deep into the very essence of the banking sector: trust. We explore trust in the context of scams, AI, funding net zero, digital assets, capital markets reform, and more. We also have exclusive insights from industry … Read more