FSR Outlook 2022: Anticipating Change, Being Prepared

Our Financial Services Regulatory team surveys the regulatory landscape for 2022 and identifies themes that we expect to be at the core of regulatory priorities globally over the next 12 months.  On 7 December 2021, HSF published its annual Financial Services Regulatory Outlook report surveying the global regulatory landscape for 2022 which addressed the following … Read more

State of play: ASIC releases draft updated remediation guidance

On 17 November 2021, ASIC released draft updated guidance on consumer remediation for all AFS licensees, Australian credit licensees and retirement savings account providers. The draft guidance is attached to Consultation Paper 350 Consumer remediation: Further consultation (CP 350). This article considers the key features of the draft guidance with a particular focus on significant … Read more

An old friend or foe? ASIC updates court enforceable undertaking guidance

In this article, we look at how ASIC is reacquainting itself with one of the oldest tools in its enforcement toolkit: the court enforceable undertaking (CEU). ASIC’s new Chair Joe Longo has long signalled since commencing with the regulator in June that the “why not litigate?” enforcement mantra of predecessor James Shipton is a thing … Read more

FAR MOVING FORWARD: WHAT’S NEW AND WHAT NEXT?

The Financial Accountability Regime Bill 2021 (FAR Bill) was introduced in the House of Representatives on 28 October 2021. This legislation will replace and extend the Banking Executive Accountability Regime (BEAR) (which currently only applies to authorised deposit-taking institutions (ADIs)) to all APRA-regulated entities – with some key changes, including: the Financial Accountability Regime (FAR) … Read more

RETIREMENT INCOME COVENANT FINALLY SEES THE LIGHT OF DAY

By Ruth Stringer and Preeta Seshachari After a long gestation period, the Federal Government’s proposed retirement income covenant (RIC) for superannuation trustees has finally been revealed with the publication of Exposure Draft legislation (available here). The new covenant will require superannuation trustees to develop a retirement income strategy for the benefit of beneficiaries who are retired … Read more

EHF in Focus: Dissecting the efficiently, honestly and fairly obligation with a governance lens

This article addresses the integration of the efficiently, honestly and fairly (EHF) obligation into the risk assessment and breach reporting frameworks of financial institutions that hold an AFSL. Central to this exercise is the integration of the EHF obligation into operational processes, procedures, decision-making and, last but not least, organisational culture. The role of fairness … Read more