September saw a variety of regulatory changes from ASIC, APRA, AUSTRAC and ACCC in the financial services sector. Meanwhile, ASIC conducted a review into claims made by funds in their marketing material, finding that many did not adequately explain the risk profile of the investment. ASIC also exempted insurers from releasing a cash settlement fact sheet in circumstances of family violence and published the updated remediation advice and its annual licensing report.
September also saw APRA release its plan to ‘modernising the prudential architecture’ which involve opening its consultation period for updating advice on financial and resolution planning. APRA also released its general insurance statistics for the first half of 2022 and updated capital and reporting frameworks following the release of a new Australian Accounting Standard. An updated money laundering and terrorism financing risk assessment on the superannuation sector was also published by AUSTRAC in late-September. The end of the month was dominated by the news of the Optus customer data breach, with APRA and the federal government both responding. The ACCC signalled that it was targeting greenwashing, both in relation to financial products and other consumer products and services.
Read the full update here.