Regulation

ASIC sets out DDO ‘product governance framework’

The Australian Securities and Investments Commission has been working on the new design and distribution obligations over the summer, issuing draft guidelines that set out the “product governance framework” that issuers and distributors will have to put in place. Under…

Government clarifies which tax debts can be reported

The Government has followed up the passage of legislation allowing the tax office to release details of tax debts to credit reporting agencies, with the release of a tax administration declaration that spells out the taxpayers who will be affected…

Stricter criteria for AFS and credit licences

The Australian Securities and Investment Commission is calling on applicants for financial services and credit licenses to go through a checklist of minimum standards prior to applying, to avoid refusal. ASIC has released an overview of impacts on licensing and…

ASIC signs off on updated banking code

The Australian Banking Association’s updated Banking Code of Practice has cleared its final hurdle, with ASIC announcing yesterday that it has approved the changes. The revised code will commence on March 1 next year. A new Banking Code of Practice…

APRA approves IOOF’s acquisition of OnePath

The Australian Prudential Regulation Authority has approved the sale of ANZ’s OnePath Pensions and Investments business to IOOF Holdings, bringing to a conclusion a transaction that has been in train for two years. In announcing its decision, APRA says IOOF…

ASIC says lenders should understand borrowers’ objectives

ASIC has placed greater emphasis on credit providers and brokers obtaining reliable and up-to-date information about consumers’ financial situations in meeting their responsible lending obligations. It also wants licensees to understand more about a borrower’s requirements and objectives. The regulator…

R&D tax incentives tightened

The Government has revived a bill that will limit access to R&D tax incentives, ignoring recommendations of the Senate Economics Legislation Committee in the process. Treasury Laws Amendment (Research and development Tax Incentive) Bill 2019 is a revised version of…

Compliance failures common in super fund advice to members

Less than half of the financial advice provided by superannuation funds to their members was fully compliant with advisers’ best interests duty and related obligations, a review has found. And a significant number of members were at risk of suffering…

ASIC powers beefed up

The Hayne fallout continues, with the introduction into Parliament last week of a bill to give ASIC greater powers. Financial Sector Reform (Hayne Royal Commission – Stronger Regulators 2019 Measures) Bill 2019 harmonises ASIC’s search warrant powers, improves the regulator’s…

Mortgage broker best interests duty bill introduced

The Government has taken action on its promise to introduce a best interests duty for mortgage brokers, tabling a bill in Parliament last week that addresses conflicted remuneration and requires mortgage brokers to act in the best interest of consumers.…