Update | Banking and Finance | March 2019

In this issue Implementation of reforms recommended by the Banking Royal Commission Spotlight on Internal Dispute Resolution processes and procedures Government announces review of financial counselling sector and fundi...

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Update | Banking and Finance | February 2019

In this issue Royal Commission releases its final report Mutual sector announces review of Customer Owned Banking Code of Practice Banks have until July 2019 to comply with new Banking Code of Practice AFCA and the s...

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ASIC Supervisory Cost Recovery Levy Act 2017 Becomes Law and Implements an Industry Funding Model

On 15 June 2017, the Senate passed the ASIC Supervisory Cost Recovery Levy Bill 2017 and related bills to implement an industry funding model for the Australian Securities and Investments Commission. Regulations that provide addit...

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National Mortgage Form About to be Rolled Out

The development of the National Mortgage Form (NMF) by the Australian Registrars National Electronic Conveyancing Council (ARNECC) has been in development for many years. It is hoped the implementation of the NMF will simplify th...

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Standardisation of Statements of Advice and Clawback Rights for Life Insurance

ASIC has in the past issued sample standard forms for different products. In another step along the road towards standardisation, on the 31st May, ASIC released a consultation paper on a new sample Statement of Advice (SOA) for li...

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ASIC Enforcement Review – Breach Reporting by Financial Services Licensees

Under current law (Corporations Act 2001) financial services licensees are required to report certain significant breaches applicable to ASIC. A task force at ASIC has in recent months completed a review of the self-reporting of t...

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