LIF commissions under review in 2021-2022

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

Regulator guidance the latest development in countdown to Australia’s breach reporting reforms

In December last year we wrote of the sweeping changes to Australia’s breach reporting regime that had been passed into legislation by Federal Parliament and would have significant implications for Australian financial services and credit licensees (AFS Licensees and Credit Licensees respectively). We summarised the key changes and highlighted issues for licensees to look out for in preparing for the regime … Read more

Operational resilience in financial services regulation

Operational resilience is the next phase in the evolution of financial services regulatory policy. We approach this resilience at a conceptual level, identifying 5 elements which make up a holistic operational resilience framework: Financial resilience – capital, liquidity, prudence; People resilience – governance, accountability, culture; Structural resilience – clarity of operational and legal structures; Regulatory … Read more