Regulatory Updates
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21 Dec 2023 T-REX Article
Investment manager cops it for greenwashing
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21 Dec 2023 T-REX Article
ASIC action for market rigging, conflicts of interest and record keeping failures
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21 Dec 2023 T-REX Article
Life insurers warned to take care with premium increases
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21 Dec 2023 T-REX Article
Adviser exam – law to be changed and 2024 date revised
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21 Dec 2023 T-REX Article
Financial Services and Credit Panel issues registration prohibition orders
The Financial Services and Credit Panel has made registration prohibition orders against two financial advisers.
These advisers have had their …
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21 Dec 2023 T-REX Article
RACQ to pay $10 million for pricing discount failures
RACQ Insurance Limited has been ordered to pay a $10 million penalty by the Federal Court for potentially misleading customers …
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21 Dec 2023 T-REX Article
OnePath Custodians penalised $5 million for fees for no service misconduct
The Federal Court has ordered superannuation trustee OnePath Custodians Pty Ltd to pay a $5 million penalty for making false …
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21 Dec 2023 T-REX Article
Practical guidance on how to register financial advisers
From 1 February 2024, financial advisers who provide personal advice to retail clients on relevant financial products must be registered …
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21 Dec 2023 T-REX Article
Final Government Response to the Quality of Advice Review
The Government has provided a final response to the Quality of Advice review, as part of the Delivering Better Financial …
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21 Dec 2023 T-REX Article
Cyber resources
The Australian Cyber Security Centre continues to release resources to assist business to develop a robust cyber security framework and …
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21 Dec 2023 T-REX Article
All quiet at the ALRC
There is no indication as to whether the Australian Law Reform Commission has met its obligation to provide to the …
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21 Dec 2023 T-REX Article
Seventy per cent of firms have had no AFCA complaint in five years
AFCA has now been in operation for five years. To mark this milestone, AFCA’s Chief Ombudsman and CEO, David Locke, …
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21 Dec 2023 T-REX Article
AFCA publishes details of non-compliant members
AFCA has published the details of 443 financial firms and Authorised Credit Representatives that have been expelled from AFCA.
Financial …
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21 Dec 2023 T-REX Article
Next round of ASIC levies
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21 Dec 2023 T-REX Article
Reportable situations – ASIC guidance modified
ASIC has updated various forms of guidance in light of the registration of ASIC Corporations and Credit (Amendment) Instrument 2023/589 …
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07 Dec 2023 Alert
QAR Tranche 2 drops today
Financial Services Minister Stephen Jones will today announce legislation implementing most of the reforms recommended by Michelle Levy last year …
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30 Nov 2023 T-REX Article
Screen scraping and privacy: where are we at? (T-REX Bites Feature Article)
Screen scraping is a technology that collects displayed data to be used for another purpose. Perhaps most commonly, it is …
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30 Nov 2023 T-REX Article
Consultation
Reforms to the Payment Systems (Regulation) Act 1998 – Exposure draft legislation. This draft legislation aims to update the …
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30 Nov 2023 T-REX Article
In Brief
ASIC has website “takedown” power
Assistant Treasurer Stephen Jones and ASIC Deputy Chair Sarah Court held a press conference about …
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30 Nov 2023 T-REX Article
Banking Code of Practice and AML/CTF Act in tussle over de-banking
The Supreme Court of New South Wales recently found that Beyond Bank Australia Ltd (Beyond Bank) wrongfully de-banked Human Appeal …
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30 Nov 2023 T-REX Article
AUSTRAC reminds entities of the importance of lodging SMRs
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30 Nov 2023 T-REX Article
AUSTRAC helps Pacific Nations combat money laundering
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30 Nov 2023 T-REX Article
AUSTRAC accepts enforceable undertaking from Perth Mint
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30 Nov 2023 T-REX Article
AUSTRAC releases guidance on data breaches
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30 Nov 2023 T-REX Article
AUSTRAC issue response to the Israel/Gaza conflict
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30 Nov 2023 T-REX Article
AUSTRAC consults on amendments to Chapter 21 of AML/CTF Rules
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30 Nov 2023 T-REX Article
In tough times for consumers, ASIC shares messages for lenders
With significant numbers of consumers experiencing financial distress and difficulty due to cost-of-living pressures, ASIC has called for lenders to …
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30 Nov 2023 T-REX Article
Government consults on sustainable finance, greenwashing on the table
Licensees may be impacted by the proposals set out in the Government’s Sustainable Finance Strategy Consultation paper.
The strategy …
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30 Nov 2023 T-REX Article
Actions of licensee save relevant provider from FSCP action
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30 Nov 2023 T-REX Article
Good news for financial advisers who are registered tax agents
The commencement of the Treasury Laws Amendment (2023 Measures No. 3) Act 2023, means that a financial adviser who …
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30 Nov 2023 T-REX Article
ASIC to focus on misconduct in superannuation sector
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30 Nov 2023 T-REX Article
ASIC reports on compensation by OTC derivatives issuers: PIOs and retail clients
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30 Nov 2023 T-REX Article
Superannuation (Objective) Bill 2023 introduced
The Superannuation (Objective) Bill 2023, which would enshrine the objective of superannuation in legislation, was introduced into Parliament this …
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30 Nov 2023 T-REX Article
Quality of Advice Review: First tranche of draft legislation released
The Government has released the first tranche of exposure draft legislation relating to the outcomes of the Quality of Advice …
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30 Nov 2023 T-REX Article
Financial advice provider to pay $12 million penalty for fee disclosure issues
The Federal Court has ordered Mercer Financial Advice (Australia) Pty Ltd (Mercer) to pay a $12 million penalty after being …
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30 Nov 2023 T-REX Article
Additional requirement to register financial advisers at last becomes clear
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30 Nov 2023 T-REX Article
ASIC takes action against Telstra Super on alleged IDR failures
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30 Nov 2023 T-REX Article
ASIC takes action against HESTA trustee for alleged misleading marketing
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30 Nov 2023 T-REX Article
AFCA member forums
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30 Nov 2023 T-REX Article
Increase in notifiable data breaches is key message in privacy report
The year 2022-23 was the year of the biggest data breaches Australia had ever seen.
This is revealed in the …
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30 Nov 2023 T-REX Article
Financial services keep getting simpler, or so they say
The project to simplify financial services laws continues, with the making of Treasury Laws Amendment (ALRC Financial Services Interim Report) …
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30 Nov 2023 T-REX Article
ASIC takes a magnifying glass to breach reports and shares what it finds
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30 Nov 2023 T-REX Article
ASIC wants you to up your cyber vigilance game
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30 Nov 2023 T-REX Article
Reforms to unfair contract terms regime go live
Reforms to the unfair contract terms regime took effect on 9 November, making UCTs illegal, with substantial penalties for contraventions …
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30 Nov 2023 T-REX Article
ASIC: Greenwashing is misleading and deceptive conduct by another name
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30 Nov 2023 T-REX Article
OAIC takes action in the Federal Court against Australian Clinical Labs Limited
The Australian Information Commissioner has commenced civil penalty proceedings in the Federal Court against Australian Clinical Labs Limited (ACL) following …
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30 Nov 2023 T-REX Article
ASIC airs 2024 enforcement priorities
On 21 November, at the ASIC Annual Forum 2023, ASIC Deputy Chair Sarah Court announced ASIC's enforcement priorities for …
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15 Nov 2023 Alert
Government mobilises on Quality of Advice reforms
The Government has kicked off the implementation of 10 recommendations from the Quality of Advice Review, with Treasury releasing draft …
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31 Oct 2023 T-REX Article
Is AI a threat or opportunity for Australian Financial Services and Australian Credit Licensees, today? (T-REX Bites Feature Article)
For the time poor readers, here’s the TL;DR (too long; didn’t read) version: Artificial Intelligence (AI) presents unique …
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31 Oct 2023 T-REX Article
Consultation
Consumer Data Right rules – expansion to the non-bank lending sector. These draft rules and amending instrument, released by …
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