27 October 2021 - ASIC quarterly update July to September 2021

ASIC published its quarterly update covering the period July to September 2021. The focuses of its activity included supporting licensees’ transition towards law reform in several areas, such as:

  • Hawking reforms
  • Breach reporting
  • Deferred sales model for add-on insurance
  • Design and distribution obligations
  • Licensing of insurance claims handling and debt management services.

ASIC Chair Joe Longo said the regulator was taking a reasonable, common-sense approach to implementing law reforms that commenced in October 2021. However, he reminded licensees that it continues to pursue appropriate enforcement, regulatory and remediation action to penalise misconduct, deter further breaches and protect Australian investors and consumers.

Financial Education Professionals acknowledges the Traditional Owners of Country throughout Australia. We pay our respects to Elders past, present and emerging.