AST ASIC published report titled ASIC enforcement and regulatory update January to June 2024 - report 794, which outlines AST ASIC's work and key matters in H1 2024.
Follows AST ASIC Mar. 2024 provided outline of work done in Q4 2023, see #202981.
Report Highlights
Reviewed how large home lenders supported customers in financial hardship, #212608.
Plus, if super trustees doing enough to strengthen members’ retirement outcomes.
In the wake of AST ASIC's review, AST ASIC put the lending industry on notice.
AST ASIC is actively conducting investigations into suspected breaches of hardship obligations; it will not hesitate to take enforcement action to ensure compliance.
Other Plans
In the coming months, AST ASIC will announce the results of its surveillance into how superannuation funds are handling death benefits claims, see further #210479.
It will also continue enforcement and intervention activities re greenwashing, #223739.
Regulatory developments timetable within report 794 outlines proposed timeframes for AST ASIC regulatory work, including the publication of draft or final guidance.
In addition, anticipated making of a legislative instrument or publication of insights arising from thematic surveillances; the timetable excludes enforcement activities.
