During April 2021, ASIC has used its product intervention powers to ban the sale of binary options to retail clients, as well as to extend temporary relief instruments amidst COVID-19. ASIC has also urged claims handling firms to lodge licences by next month. The superannuation sector has seen the release of exposure draft regulations to improve the superannuation system, containing proposed changes to the “Your Future, Your Super” package, and APRA has released consultations on…

March 2021 has seen the release of legislative reforms to advice fee consent and lack of independence disclosure by financial advisers. ASIC has clarified its position on virtual AGMs and released an interim report on competition in the managed funds industry. APRA has urged life insurers and superannuation funds to ensure their insurance offerings and benefits are sustainably designed and priced to avoid volatility in insurance premiums. More information on these developments, as well as…

YIPs & Norton Rose Fulbright are proud to present the latest instalment in our YIPs masterclass series – Insurer of the future: A run through of the 2021 insurance law shake up for brokers and insurers. Hear from industry experts Tim Chan & Ray Giblett as they take us through the far-reaching impacts of the multifaceted regulatory reform impacting us all. To access this on-demand webinar, please complete the form. CPD points This session…

On 10 March 2021, the High Court handed down its highly anticipated decision in the matter of Wigmans v AMP Limited & Ors.[1] (Wigmans Case). In dismissing the appellant’s case, the High Court has endorsed a common sense approach to determining procedural issues for dealing with competing class actions and affirmed the power of lower courts to progress a single action.   Competing Class Actions ‘Competing class actions’ occur when more than one case…

The month of February 2021 has seen continued momentum for a raft of changes affecting financial services providers from various industries. APRA has released its new policies and priorities for 2021, which have a particular focus on the impacts of COVID-19 and seek to strengthen the financial services sector in dealing with future crises. The ‘Your Future, Your Super’ Bill has been introduced to Parliament which proposes significant superannuation regulatory reform. A key High Court decision has…

Background In late December last year, the Parliamentary Joint Committee on Corporations and Financial Services (PJC) issued its report in the inquiry into ‘Litigation Funding and the Regulation of the Class Action Industry’ (Report). Previously, in August 2018, Norton Rose Fulbright Australia provided a submission to the inquiry.  Our submission focussed on several issues of concern, including the increased cost of D&O insurance and the impact on Australian businesses operating in an environment where there…

The months of December 2020 and January 2021 have been a busy time in the funds management, superannuation and insurance sector. In particular, ASIC has released its final Regulatory Guide 274 Product design and distribution obligations, which will bring industry-wide changes to how financial products are formed, promoted and marketed. The impact of COVID-19 has continued into the new year with ASIC extending reporting deadlines, and both ASIC and APRA committing to continuing joint engagement…