Australia

Consultation on RS and IDR Dashboards

Consultation is planned by the ASIC in the second half of 2025 on the publication of firm-level Reportable Situations (RS) and Internal Dispute Resolution (IDR) dashboards. The move is intended to improve transparency, enhance industry performance, and deliver better consumer outcomes. Date of Release: 10 April 2025 Implementation on: Immediately Applicable to: Financial services firms and licensees Launch of New Digital Portal for AFS Licensees

A new digital portal for Australian Financial Services (AFS) licensees will be launched by ASIC on 5 May 2025, streamlining applications, variations, and cancellations as part of the regulator’s ongoing digital transformation. Date of Release: 16 April 2025 Implementation on: 5 May 2025 Applicable to: AFS licensees and applicants INFO 293 on Eligible Applicant Authorisation

Guidance for individuals and entities seeking authorisation as eligible applicants under the Corporations Act 2001 was released through ASIC’s INFO 293. This authorisation permits requests for court-ordered public examinations in external administration cases. Date of Release: 16 April 2025 Implementation on: N/A Applicable to: Individuals and entities involved in corporate insolvency or litigation

ASIC Launches New AFS Licence Application Portal

A second new digital portal—this time for AFS licence applicants—was introduced by ASIC under its RegistryConnect program. The platform aims to simplify the licensing process with features such as automatic pre-filling, streamlined documentation, and more granular service selection. While the existing eLicensing system remains temporarily available, the portal represents a significant step in ASIC’s digital transformation.

Date of Release: 5 May 2025 Implementation on: May 2025 Applicable to: AFS licence applicants

ASIC Issues Guidance for BNPL Reforms

To support upcoming reforms in the buy now, pay later (BNPL) sector, ASIC issued Regulatory Guide 281 (RG 281). The guide outlines how providers of low-cost credit contracts can meet their obligations under new laws effective from 10 June 2025. It incorporates clarifications and examples from public consultation and urges BNPL providers to secure the appropriate credit licence to avoid unlawful operation. Date of Release: 8 May 2025 Implementation on: 10 June 2025 Applicable to: BNPL providers and credit licensees ASIC Proposes Renewal of Incidental Retail Cover Exemption

The remake of a key legislative instrument for insurers and brokers has been proposed by ASIC, continuing the exemption from certain retail client obligations where incidental retail cover is provided in business insurance contracts. The current instrument, set to expire on 16 August 2025, is proposed to be renewed for five years to reduce regulatory burden and provide industry clarity. Date of Release: 16 May 2025 Implementation on: 16 August 2025 (subject to consultation) Applicable to: Insurers and insurance brokers

ASIC Renews Warning on Financial Advisers Register Compliance

A warning was renewed by ASIC to AFS licensees to urgently verify and update adviser details on the Financial Advisers Register ahead of the 1 January 2026 qualifications deadline. Spot checks have revealed ongoing inaccuracies in adviser qualifications, experienced provider pathway eligibility, and authorisation histories. The regulator stressed that providing false or outdated information is a serious offence and may lead to regulatory action. Date of Release: 3 June 2025 Implementation on: 1 January 2026 Applicable to: AFS licensees and financial advisers No-action Relief on Deficient Consents for Ongoing Fee Arrangements

A limited no-action position was granted by ASIC to financial advisers and superannuation trustees where written consents for ongoing fee arrangements (OFAs) given between 10 January and 5 September 2025 omitted account numbers, provided other conditions are met. Advisers must obtain compliant consents by 5 September 2025 to continue fee deductions.

Date of Release: 6 June 2025 Implementation on: 10 January 2025 Applicable to: Financial advisers and superannuation trustees ASIC Warns of Rise in Share Sale Fraud

The threat of share sale fraud prompted a warning from ASIC to the financial services industry and consumers, with updated INFO 237 guidance for AFS licensees on preventing and detecting such activity. Reports of this fraud have increased sevenfold over four years, prompting recommendations for stronger verification processes, regular portfolio reviews, and enhanced cybersecurity measures.

Date of Release: 24 June 2025 Implementation on: 24 June 2025 Applicable to: AFS licensees, intermediaries, and retail investors ASIC Provides Relief Under Reportable Situations Regime Targeted relief under the reportable situations’ regime was provided by ASIC for financial services and credit licensees. Changes include exemptions for certain breaches, extended investigation periods from 30 to 60 days, and clarification that APRA-submitted breach reports may meet ASIC’s requirements. The relief seeks to reduce industry burden while maintaining oversight and follows public consultation incorporating industry and consumer feedback.

Date of Release: 27 June 2025 Implementation on: 27 June 2025 Applicable to: Financial services and credit licensees

APRA and the RBA release joint statement on the use of the RBA’s overnight standing facility APRA and the Reserve Bank of Australia (RBA) jointly issued a statement clarifying that banks’ use of the RBA’s overnight standing facility is consistent with routine liquidity management practices under the “ample reserves with full allotment” monetary framework. They will liaise with banks to ensure clarity and preparedness in using the facility. Date of Release: 2 April 2025 Implementation on: Effective immediately (banks may use the facility as needed) Applicable to: Authorised deposit-taking institutions (banks) in Australia

APRA and ASIC publish latest data on life insurance claims and disputes – December 2024

APRA released its Life Insurance Claims and Disputes Statistics covering the 12-month period from 1 January 2024 to 31 December 2024, presenting key industry and insurer-level outcomes (accepted claims, dispute numbers, time to pay, cancellation rates) for 16 Australian life insurers. ASIC’s MoneySmart life insurance comparison tool was also updated with the latest metrics. Date of Release: 15 April 2025 Implementation on: N/A (publication / data release) Applicable to: Life insurance companies in Australia, industry analysts, regulators, and consumers using ASIC’s life insurance comparison tool

APRA authorises CGU Australia Pty Ltd as a new general insurer

APRA has granted authorisation to CGU Australia Pty Ltd under the Insurance Act 1973 to carry on general insurance business in Australia. The authorisation enables them to write new and renewal policies. Date of Release: 13 May 2025 Implementation on: 5 May 2025 (authorisation becomes effective) Applicable to: CGU Australia Pty Ltd; the general insurance industry and public insurers in Australia

APRA releases Monthly Authorised Deposit-taking Institution Statistics

APRA publishes its Monthly Authorised Deposit-taking Institution Statistics (MADIS), providing key monthly data on the banking business of individual Australian authorised deposit-taking institutions (ADIs), including balance sheets, deposits, loans, and other performance metrics. Date of Release: Last business day of each month (e.g. 30 April 2025 for March statistics) Implementation on: Retrospective to the reported month (data reflects operations in that month) Applicable to: All authorised deposit-taking institutions (ADIs) in Australia, and public / analysts relying on banking sector data

APRA shines light on retirement product performance

APRA has published, for the first time, detailed data on retirement-phase superannuation products, covering 600 multi-sector investment options. The disclosure includes performance metrics, fee structures, investment strategies, and strategic asset allocations, aiming to bolster transparency and support better member outcomes. Date of Release: 26 June 2025 Implementation on: Effective immediately (data published upon release) Applicable to: Trustees of superannuation funds, retirement product providers, and members / stakeholders seeking insight into retirement product performance

No consultation found this quarter