Funds Update – 16 February 2024

In this Funds Update for 16 February 2024: ASIC uses PDS stop order powers ASIC accepts enforceable undertaking re DDO breaches ASIC consults on changes to OTC derivative transaction reporting rules FFSP AFSL exemption bill delays ASIC uses PDS stop order powers On 7 February 2024, ASIC announced that it had made interim stop orders … Read more

Funds Update – 2 February 2024

In this Funds Update for 2 February 2024: Treasury releases exposure draft legislation on climate-related financial disclosure ASIC consults on 5 ‘sunsetting’ managed investment scheme class orders HSF’s global FSR outlook for 2024 Treasury releases exposure draft legislation on climate-related financial disclosure On 12 January 2024, Treasury released the Treasury Laws Amendment Bill 2024: Climate-related … Read more

Funds Update – 22 September 2023

In this Funds Update for 22 September 2023: ASIC remakes three class orders for managed fund issues and withdrawals 2023–24 NSW Budget Update: Key stamp duty changes ASIC commences civil penalty provisions against crypto exchange provider for alleged DDO failures ASIC remakes three class orders for managed fund issues and withdrawals  On 15 September 2023, … 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

HSF FSR Practice launches a Breach Reporting Hotline

It’s time! We are excited to launch our brand new (and what we think is Australia’s first) ‘Breach Reporting Hotline’ service, which enables you to ‘bounce’ discrete queries off our team of experts as a way of cutting through some of the complexity that is intrinsic to this new regime. For more information, please see … Read more

Efficiently, Honestly and (still) Fairly Uncertain – The Quest for Certainty

The continuing uncertainty around the provision requiring licensees to provide financial services ‘efficiently, honestly and fairly’ under section 912A(1)(a) of the Corporations Act (EHF provision) comes into sharpest focus against the backdrop of the new breach reporting regime. In this article, we examine some common questions and challenges we are seeing emerge in relation to … Read more

Good Advice in Superannuation – The Elephant in the Room

The Quality of Advice Review contains some very sensible recommendations with respect to financial advice in the superannuation fund setting. Nonetheless, section 3.2 of the Proposals Paper raises the issue of the possible expansion of the concept of intra-fund advice. The following quote is instructive: “Most (although not all) superannuation fund trustees have told us … Read more

Anti-hawking in financial services: Some observations on multi-product discounts

For some time now, the issue of whether a sales representative can cross-position different insurance policies or financial products through the mechanism of a multi-policy or multi-product discount has been somewhat of a vexed issue – to say the least. In this context, we are referring to a scenario where a client makes an enquiry … Read more