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…
Continue Reading Financial services monthly wrap-up – April 2021

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…
Continue Reading Financial services monthly wrap-up – March 2021

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…
Continue Reading Insurer of the future: A run through the 2021 insurance law shake up for brokers and insurers

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…
Continue Reading High Court moves to cancel competing class actions

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…
Continue Reading Legal update – Australia | Financial services monthly wrap-up: February 2021

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…
Continue Reading Permanent relaxation of continuous disclosure laws signals change to shareholder class action landscape

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…
Continue Reading Financial services monthly wrap-up December 2020 to January 2021