AST ASIC Misconduct in Banking, Super


On Sep. 9, AST ASIC issued enforcement, regulatory update H1 2024.


  • 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.

Regulators AST ASIC
Entity Types B/D; Corp; MSB; Pension
Reference Rp REP 794, PR 24-199MR, 9/9/2024; ESG
Functions Advertising; Claims/Accelerated Benefits; Compliance; Environment; Exams; Legal; Market Conduct; Product Administration; Sales Practices; Treasury
Countries Australia
Category National Regulator
State
Products Corporate; Loan; Pensions; Securities
Regions AP
Rule Type Guidance
Rule Date 9/9/2024
Effective Date 9/9/2024
Rule Id 225446
Linked to Rule :202981
Reg. Last Update 9/9/2024
Report Section International

Last substantive update on 09/12/2024