Our Hawking Prohibitions RG 38 short course uncovers what the new provisions are and what you need to know to ensure your organisation is compliant.
Changes to hawking rules (RG 38) recommended by the Royal Commission make for the biggest reforms to this area of financial services conduct since they were first introduced. They affect not only securities and managed investment schemes but are also now being extended to insurance and superannuation products.
The reforms are designed to give consumers further control over financial product purchasing decisions. They broaden and clarify the say consumers have in when and how they want to be contacted by product providers and the kinds of financial products they are offered. Explore what is or isn’t ‘unsolicited contact’, the rights of consumers, and how the hawking provisions interact with other measures, such as compliant advice-giving and the deferred sales model for add-on insurance.
Reforms to the anti-hawking regime were made under the Financial Sector Reform (Hayne Royal Commission Response) Act 2020, which commenced on 5 October 2021. These reforms were designed to tackle consumer harms arising from consumers being approached with unwanted products through cold-calls or other unsolicited contact.
What you will learn
- ASIC and Royal Commission findings that prompted the changes
- How existing hawking prohibitions have been broadened and strengthened
- New anti-hawking measures for the insurance and superannuation sectors
- How anti-hawking works in tandem with other rules governing compliant offering of financial products and services.
Recognition of Prior Learning
You will be awarded a Certificate of Completion. It will be available online for you to download and print immediately.