Regulators

Recommendation 6.3 – Superannuation – Co-RegulationGeneral principles for ASIC and APRA to co‑regulate superannuation Recommendation 6.4 – Superannuation – ASIC RoleASIC as conduct regulator for superannuation Recommendation 6.5 – Superannuation – APRA RoleAPRA to retain current functions for superannuation Recommendation Read More …

June 2020

Enforceable Code ProvisionsRecommendation 1.15Enforceable code provisions for industry codes of conduct Mortgage Brokers – Reference CheckingRecommendation 1.6Reference checking and information sharing for mortgage brokers Point of Sale ExemptionRecommendation 1.7Removal of Point of Sale Exemption Financial Advice Annual RenewalsRecommendation 2.1Annual Renewal Read More …

Measures to Strengthen Financial Regulators

Recommendation 1.6 – Reference checking and information sharing for mortgage brokers Recommendation 2.7 – Reference checking and information sharing for financial advisers Recommendation 2.8 – Licensee obligations to report compliance concerns Recommendation 2.9 – Licensee obligations where misconduct by financial Read More …

Ensuring Strong Regulators

Ensuring strong and effective financial system regulators It is critical that our regulators have the resources and powers they need to strengthen and intensify their approach to enforcement and supervision, and take on expanded responsibilities to address and deter misconduct Read More …

6.3 — General principles for coregulation

The roles of APRA and ASIC in relation to superannuation should be adjusted to accord with the general principles that: APRA, as the prudential regulator for superannuation, is responsible for establishing and enforcing Prudential Standards and practices designed to ensure Read More …

4.1 — No hawking of insurance

Consistently with Recommendation 3.4, which prohibits the hawking of superannuation products, hawking of insurance products should be prohibited. Government Response The Government agrees, consistent with the Government response to Recommendation 3.4 (about the hawking of superannuation products), that hawking of Read More …