Regulator news and government inquiries Archives - Page 15 of 81

17 November , 2023

ABA Consults ASIC on Proposed Banking Code Changes

Original media release ASIC (17/11/2023). Today ASIC opened its consultation on the Australian Banking Association’s (ABA) proposed changes to its Banking Code of Practice (the Code). The Code contains a set of contractually enforceable standards that customers and small business can expect subscribing banks to uphold. The ABA plans to apply for ASIC approval of…

14 November , 2023

Gen Z and Finance – Stress, Debt, BNPL, and the Desire for Better Money Skills

New research shows Gen Zs are feeling financially stressed, with high levels of debt including Buy Now Pay Later use.

10 November , 2023

New Investor Alert List Replaces ‘Companies you should not deal with’

ASIC has today strengthened its scam prevention tools to support consumers with the publication of a new investor alert list. Consumers can use this list to help inform themselves as to whether an entity they are considering investing in could be fraudulent, a scam or unlicensed.

9 November , 2023

Greenwashing a ‘misleading statement’ says ASIC

Greenwashing is simply misleading and deceptive conduct by another name, writes ASIC Deputy Chair Sarah Court FAICD.

8 November , 2023

ASIC Takes Down Over 2,000 Investment Scam and Phishing Websites

At a press conference today, Assistant Treasurer Stephen Jones outlined a new scam website takedown capability implemented by ASIC. The takedown capability removes or limits access to fraudulent and malicious websites on the internet and expands on a three-week trial ASIC conducted in 2022.

8 November , 2023

ASIC Takes Action Against Telstra Super in First Proceeding Under its New Regime

Original media release by ASIC (6/11/2023). ASIC has commenced civil penalty proceedings in the Federal Court alleging Telstra Super failed to comply with internal dispute resolution requirements. This is the first proceeding under this regime, which came into effect on 5 October 2021. The new regime makes certain provisions of ASIC’s Regulatory Guide for Internal…

3 November , 2023

ACCAN Calls for Consumer Protection Against Domestic and Family Violence

“ACCAN has unfortunately continued to receive extremely concerning reports of victim-survivors being asked to engage with perpetrators,” said ACCAN Deputy CEO, Dr Gareth Downing.

“Technology-facilitated abuse is becoming more commonplace, and it is unconscionable that Australians facing DFV risk being cut off from potentially life-saving channels of communication, due to poor practices and processes on the part of some in industry” said Dr Downing.

1 November , 2023

ASIC to Take “strong regulatory action” in Light of Second Publication on the Reportable Situations Regime

‘The reportable situations regime has now been in place for over two years, and licensees have had ample time to take the necessary steps to ensure full compliance with the requirements,’ said ASIC Chair Joseph Longo.

‘Since its commencement, ASIC has been working with stakeholders to improve the operation of the reportable situations regime, including through providing guidance and modifications. ASIC will now move to taking stronger regulatory action to drive improved compliance with the regime, including enforcement action where appropriate.’

30 October , 2023

Guidelines for Plant-Based Product Labelling

This information is shared so consumer representatives can keep up-to-date with developments in industry food labelling.

27 October , 2023

AFCA Publishes 2022-2023 Annual Review, Updates AFCA Datacube

From 1 July 2022 to 30 June 2023, AFCA received 96,987 complaints from consumers and small businesses – 34% more than the year before, and the most ever received by AFCA.

26 October , 2023

General Insurance CGC’s Annual Report Released

“In times of increasing crises, it is imperative that the insurance industry adapts to keep consumers at the forefront of its efforts. We will not accept subscribers using the same excuses in relation to poor handling of claims and complaints due to increased volumes.”

26 October , 2023

‘Don’t get burnt by hype’ the Launch of ASIC’s Latest Consumer Awareness Campaign

ASIC has today launched a consumer campaign to raise awareness of the risk associated with investment hype to coincide with the Australian release of Dumb Money, a new film about the GameStop short squeeze episode in 2021.