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Bright Law provides financial services regulatory compliance and training services and, through Bright Corporate Law, legal services. We provide our clients with confidence to manage regulatory risks through guidance, insight, advice and training.

Bankruptcy reform proposals 2026

By David Jacobson

October 24, 2026

Treasury is consulting on the draft Treasury Laws Amendment (Personal Insolvency Amendments) Bill 2026, which contains proposed changes to Australia’s personal insolvency system, including increasing the threshold for involuntary bankruptcies and increasing the timeframe that a debtor has to

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Bright Law Blog

ASIC review of mortgage brokers’ best interests duty practices

By David Jacobson

October 24, 2026

ASIC has published Report 840 Mortgage brokers: Review of best interests duty and complaints handling practices (REP 840) which examined 13 credit licensees that make up eight large mortgage broker groups. It looked at how they ensure their credit representatives

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Bright Law Blog

Deceased estate Banking Act amendments

By David Jacobson

October 24, 2026

Treasury is consulting on amendments to the Banking Act to increase the withdrawal limit without production of probate, of the will, or letters of administration of the estate and to permit payments to include the payment of court filing fees.The

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Bright Law Blog

New ATO garnishee powers proposals

By David Jacobson

October 24, 2026

Treasury has issued a consultation paper Tackling fraud and financial abuse which includes proposals for new Australian Taxation Office (ATO) powers to help the ATO to issue garnishee notices to collect tax debts from jointly-held assets, with safeguards.The Government intends

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Bright Law Blog

Internal Dispute Resolution data reporting

By David Jacobson

October 24, 2026

ASIC has announced that it proposes to extend its “Internal Dispute Resolution data reporting instrument” which specifies the internal dispute resolution (IDR) information that financial firms must report to ASIC, with one change (for small banks).ASIC Corporations (Internal Dispute

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Bright Law Blog

Changes to the Minister Rules under the Financial Accountability Regime Act

By David Jacobson

October 24, 2026

Treasury is consulting on changes to the Minister Rules under the Financial Accountability Regime (FAR) Act.The Financial Accountability Regime (Minister) Amendment (Enhanced Notification Threshold) Rules 2026 will amend the Rules by increasing the enhanced notification threshold for authorised deposit taking

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Bright Law Blog

Banking Regulations revision

By David Jacobson

October 24, 2026

Treasury is consulting on the draft Banking Regulations 2026, which will replace the Banking Regulations 2016.The draft regulations increase the covered bond issuance limit for authorised deposit-taking institutions (ADIs) to 12 per cent of an ADI’s assets. The current

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Bright Law Blog

Privacy regulation update October 2026

By David Jacobson

October 12, 2026

The Office of the Australian Information Commissioner has published its guidance on the new transparency obligations for the use of AI and automated decision-making.Separately, the Privacy Commissioner has explained how current and proposed privacy laws could strengthen protections and increase

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Bright Law Blog

ASIC’s 2026–27 sector supervisory priorities

By David Jacobson

October 12, 2026

ASIC has published its supervisory priorities for 2026-27 for the banking, superannuation, general insurance, life insurance and financial markets sectors.Banking sector: ASIC will review the use of AI in customer-facing activities, decision-making and lending processes (including governance and

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Bright Law Blog

Case note: claims handling breaches penalty

By David Jacobson

October 12, 2026

In Australian Securities and Investments Commission v Hollard Insurance Partners Limited [2026] FCA 1487, the Federal Court of Australia ordered Hollard to pay a $2 million penalty after Hollard admitted that its serious claim-handling failures resulted in Hollard breaching

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