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

FSR GPS Podcast Series – EP5: Trends and predictions in insurance

EP 5: Trends and predictions in insurance Join Partner Michael Vrisakis and Senior Associate Tamanna Islam in conversation on some of the key trends and challenges facing the insurance industry in Australia. Soundcloud | Spotify | Apple      About the FSR GPS Podcast Series Our “FSR GPS” podcast series explores topical and emerging issues in financial services regulation … Read more

FSR GPS: What is the deadline for notifying ASIC of a reportable situation?

In this edition of FSR GPS, we set out some useful tips to help licensees calculate the 30-day reporting deadline under the ASIC breach reporting regime. A licensee is required to report to ASIC within 30 days after it first knows that, or is reckless with respect to whether, there are reasonable grounds to believe … Read more

Financial Accountability Regime: HSF makes submission on Regulator Rules

In July 2023, ASIC and APRA released key materials for consultation, to support the implementation of the Financial Accountability Regime (FAR) by the financial services industry. This included the proposed Regulator Rules and the ‘Key Functions’ descriptions for ADIs (Consultation Documents). Our team has made a formal submission on this consultation. While we welcome the … Read more


In this edition of the FSR GPS, we highlight some key principles that can help AFS licensees identify when an immaterial misstatement may: not constitute misleading or deceptive conduct; and therefore, not automatically be reportable as a significant breach to ASIC under section 912DAA of the Corporations Act 2001 (Cth) (Corporations Act). As with our … Read more

ASIC commences first court action on unfair contracts terms in insurance

Last week, ASIC commenced the first court proceedings alleging unfair contract terms in an insurance contract. The case involves standard form underwritten home and contents insurance contracts issued by Auto & General Insurance Company Limited (Auto & General). On 5 April 2021, the unfair contract term protections in Subdivision BA of the ASIC Act were … Read more


The breach reporting regime continues to give rise to ambiguity for licensees. As we have commented previously, there continues to be a mismatch in breach reporting practices across the industry and ASIC expectations, as well as a divergence of breach reporting practices between licensees. A common area of over-reporting is in the context of reporting … Read more


On 27 October 2022, ASIC released its first publication of information lodged under the new breach reporting regime, Report 740 Insights from the reportable situations regime: October 2021 to June 2022 (Report 740). As readers will be aware, the new breach reporting regime for financial services came into effect on 1 October 2021, seeking to … Read more