By: Claudine Salameh and Tamsyn Sharpe
ASIC has recently published its findings following an investigation into the insurance industry’s level of compliance with internal dispute resolution (IDR) obligations. Report 802 Cause for complaint: Complaints handling in general insurance revealed that general insurers are consistently falling short of their legal obligations thereby limiting customers’ ability to access fair, timely and effective IDR processes.
Read MoreBy: Claudine Salameh and Tamsyn Sharpe
Financial firms are required to maintain clear internal dispute resolution (IDR) processes to allow customers to seek redress where they are dissatisfied with the firm’s products or services. Access to fair, timely and effective IDR is an important tenet of consumer protection. Financial firms are required to acknowledge the receipt of a customer’s complaint within 24 hours and resolve standard complaints within 30 days.
Read MoreBy: Daniel Knight, Ben Kneebush and Madison Jeffreys
As Artificial intelligence (AI) continues to be adopted and used by Australian Financial Services (AFS) licensees broadly, it has become increasingly evident that many licensees’ deployment of AI falls short of their existing regulatory obligations and emerging best practices.
Read MoreBy: Jim Bulling, Simon Kiburg and Alex Parker
When assessing how to comply with the new reporting obligations, reporting entities should recognise the differences in the enforcement approach that ASIC will take in relation to mandatory climate reporting compared with the approach adopted by it in relation to Greenwashing.
Read MoreBy: Jim Bulling and Anthony Shorten
On 11 September 2024, the Attorney-General introduced the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 (Cth) to the Federal Parliament, following two periods of consultation undertaken by the Department of the Attorney-General, and AUSTRAC over 2023 and 2024.
Read MoreBy: Jim Bulling and Anthony Shorten
Much of the recent media commentary on greenwashing has revolved around enforcement action taken by ASIC against entities who have misled investors or shareholders. However, there has been less discussion on best practices for entities looking to avoid greenwashing.
Read MoreBy: Kane Barnett and Daniel Nastasi
The Australian Securities and Investments Commission (ASIC) has appealed certain findings in the recent decision in Australian Securities and Investments Commission v BPS Financial Pty Ltd [2024] FCA 457 (BPS Financial Decision) in relation to the scope of the authorised representative exemption. The authorised representative exemption is commonly relied upon and allows a person or entity to provide a financial service under the Corporations Act on behalf of the holder of an AFS licence without having to hold an AFS licence itself.
Read MoreBy: Kane Barnett
What the ASIC chair said
At a recent industry event, the chair of the Australian Securities and Investment Commission (ASIC), indicated that ASIC would be increasing its scrutiny of private market funds.
Read MoreBy: Matthew Watts, Lisa Lautier, and Dhivya Kalyanakumar
Environmental Futures
In a push to support investors through the energy transition, the Australian Securities Exchange (ASX) has listed a suite of environmental futures contracts on ASX 24 covering:
Read MoreBy: Jim Bulling and Edwina Frost
Authorised representatives of Australian Financial Service License (AFSL) holders and credit representatives of Australian Credit Licence (ACL) holders may be deemed “contractors” for payroll tax purposes, following a recent ruling by the Supreme Court of NSW.
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