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On Friday 6 August 2021, Treasury registered the long-awaited anti-hawking regulations in relation to financial services, which can be found here. The Financial Sector Reform (Hayne Royal Commission Response) (Hawking of Financial Products) Regulations 2021 (Cth) operate to exempt certain conduct from the proposed anti-hawking prohibition coming into effect on 5 October 2021. Some key … Read more
This edition of our ‘FSR GPS’ (Guidelines, Principles and Strategies) series provides some insights on the requirement to report significant dealings to ASIC under the upcoming DDO regime, which is due to come into effect on 5 October 2021. Under the DDO regime, a product issuer has an obligation to report a ‘significant dealing’ to … Read more
We have previously written about our 12 principles that apply to the implementation of the new anti-hawking regime (NAHR), as well as some observations on the evolving structure of insurance contracts and distribution resulting from the NAHR. In this article, we make some further observations on the scope of an invitation, consent, causation, and the … Read more
On 16 July, Treasury released Exposure Draft legislation for the Financial Accountability Regime (FAR)(FAR Bill). While the FAR Bill has some similarities to the Banking Executive Accountability Regime (BEAR) in the Banking Act 1959 (Cth), there are some provisions of the FAR Bill which differ to BEAR and which raise concerns about over-regulation and uncertainty. … Read more
Following the publication of our principles on the new anti-hawking regime for financial products, we have been advising many life insurers and general insurers on their readiness for the new regime, due to come into effect on 5 October 2021. This is without a doubt one of the biggest reforms to impact the insurance industry … Read more
In April of this year, we wrote about draft guidance released by the Australian Securities and Investments Commission (ASIC) on the significant impending changes to Australia’s breach reporting regime. Read more
The Final Report of the Financial Services Royal Commission called for a follow-up review into the ethics and standards in the financial services sector. In response to this, on 21 April 2021 at the FSC Life Insurance Summit, Financial Services Minister Jane Hume announced that the Government will commission a review of the financial advice … Read more
This edition of our ‘FSR GPS’ (Guidelines, Principles and Strategies) series covers the upcoming changes to the anti-hawking regime for financial products in the Corporations Act, with the new regime coming into effect on 5 October 2021. In this article, we outline: our 12 legal principles which go to the heart of the new anti-hawking … Read more
In this article, we address a cryptic pillar of the current Banking Executive Accountability Regime (BEAR) and the proposed Financial Accountability Regime (FAR): the obligation to deal with APRA and ASIC in an open, constructive and cooperative way. What would this obligation require? What would it not require? How can we prepare for it? In … Read more
