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Fortnum Private Wealth Ltd has been ordered by the Supreme Court of NSW to pay a $1.35 million penalty after admitting it failed to adequately manage cybersecurity risks across its financial advice network.

Fortnum also admitted it failed to have adequate cybersecurity expertise and risk management systems, exposing its authorised representatives and their clients to the risk of cyber-related attacks and cybercrime, that could result in serious harm and loss.

During the relevant period, Fortnum’s network comprised between 81 and 94 financial advice practices, more than 200 authorised advisers, and around 55,000 retail clients. These practices collected and held highly sensitive personal information, including identification documents, tax file numbers and financial account details.

ASIC Chair Sarah Court said the outcome reinforced that AFSL holders must properly manage and protect against cybersecurity risk.

ASIC’s second review into the financial reporting and audit of superannuation funds has found further improvement is needed in how some super funds and auditors assess and scrutinise the value of unlisted investments.

In Report 841 Accounting for your super: Super fund financial reporting and audit 2025–26 (REP 841), ASIC’s review of 42 registrable superannuation entity (RSE) financial reports and six audits found persistent concerns around valuations.

Superannuation is central to the long-term financial security of Australians and is a major part of the national economy. Total superannuation assets have more than doubled in the past decade to nearly $4.8 trillion in funds under management.

ASIC has released the program for its Annual Forum 2026, which will bring together leaders from business, financial services, markets, government, and the community in Sydney on 17 and 18 November.

The Forum’s theme ‘Staying ahead of the next wave’, examines how Australia can safeguard the integrity of its financial system and maintain confidence for consumers and markets in an environment of accelerating and varied global change.

ASIC Chair Sarah Court said the forum would bring together a range of perspectives to explore how Australia’s financial system can anticipate and respond to the next wave of change.

ASIC has remade a legislative instrument that allows Australian Financial Services (AFS) licensees to place client money in cash common funds.

The new instrument, ASIC Corporations (Client money – Cash common funds) Instrument 2026/727, continues existing relief arrangements and will remain in force until 1 October 2031.

It replaces ASIC Corporations (Client money – Cash common funds) Instrument 2016/671, which is scheduled to expire on 1 October 2026.

ASIC has issued a new legislative instrument to continue regulatory relief for managed discretionary account (MDA) providers and external MDA custodians. ASIC has also updated its related regulatory guidance.

ASIC Corporations (Managed Discretionary Account Services) Instrument 2026/720 (ASIC Instrument 2026/720) replaces ASIC Corporations (Managed Discretionary Account Services) Instrument 2016/968 (ASIC Instrument 2016/968).

ASIC Instrument 2026/720 does not substantively change the terms of the relief for MDAs. Minor adjustments have been made to reflect related regulatory developments and evolving industry practice, including:

• moving some financial services guide (FSG) content requirements to into the investment program;
• amending the timeframe for notifying ASIC of non-compliance from 10 days to 30 days, along with changing the information required from full details of the non-compliance to its material details; and
• phasing out quarterly reporting with electronic access to account information to better reflect industry practice, giving investors timely access to their investment details.

ASIC undertook a streamlined consultation process on the proposed remake of the relief in CS 47 Proposed remake of relief for managed discretionary account services in April 2026. The submissions broadly supported the continuation of the MDA relief.

ASIC has also updated its guidance in Regulatory Guide 179 Managed discretionary accounts (RG 179) to reflect the new instrument and adjustments made.

The Reporting and audit update covers regulatory developments in reporting and audit, including sustainability and financial reporting matters.

ASIC has remade a legislative instrument which exempts low-volume financial markets from the requirement to hold an Australian market licence, raising the relevant transaction value threshold from $1.5 million to $2.5 million.

The increase in threshold reflects factors including inflation, with ASIC noting the threshold had not changed since 2016.

ASIC Corporations (Low Volume Financial Markets) Instrument 2026/756 (ASIC Instrument 2026/756) continues the relief provided under ASIC Corporations (Low Volume Financial Markets) Instrument 2016/888, with the new instrument scheduled to sunset on 1 October 2031.

ASIC consulted on remaking the instrument, CS 60 Proposed remake of low-volume financial markets instrument, in July and August 2026, and received three submissions.

All submissions supported in-principle the continuation of the relief, however, two submissions raised some concerns about the appropriate eligibility thresholds.

ASIC considers that the thresholds adopted in the instrument strike an appropriate balance between reducing compliance costs for operators of financial markets and managing regulatory risk.

The Australian Prudential Regulation Authority (APRA) has released a package of proposals to strengthen trustee investment governance and better protect members’ retirement savings.

The reforms are the next phase of APRA’s multi-year focus on lifting investment governance standards across the superannuation industry, particularly within the platform trustee segment.

The proposals build on substantial supervisory and enforcement activity and directly address shortcomings identified in APRA’s 2025 review of platform trustee practices.

They would strengthen requirements across eight key areas of risk and build on existing obligations for trustees.

AUSTRAC has begun issuing infringement notices after identifying businesses that failed to enrol with AUSTRAC as required under Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws.

The enforcement action follows formal requests for information issued by AUSTRAC in August to businesses that had not enrolled but appeared to be providing designated services.

The infringement notices were issued to businesses in the real estate, accounting and jewellery sectors that AUSTRAC believes failed to enrol within 28 days of providing a designated service.

The notices were issued at $21,840 for corporate entities and $4,368 for individuals but can accrue on a daily basis.

On 10 December 2026, APP entities must include information in their privacy policy where they have arranged for a computer program to make or inform decisions that significantly affect individuals’ rights or interests.

This transparency obligation was introduced by the Privacy and Other Legislation Amendment Act 2024 within APP 1 of the Australian Privacy Principles (APPs) to include information about computer program usage in an APP entities’ privacy policy.

ASIC has remade relief for eligible wholly-owned companies, ensuring they can continue to rely on existing financial reporting arrangements beyond 1 October 2026.

Today the independent Reserve Bank increased the cash rate by 25 basis points.

The war in the Middle East is pushing up inflation and interest rates all around the world but that doesn’t make it any easier for Australians.

Australian workers didn’t choose this war, but they are paying a hefty price for it.

The war has been a disaster for the global economy.

The market is pricing in multiple rate rises in every major advanced economy.

While today’s decision was widely expected and anticipated, that doesn’t make it any easier.