Unfortunately 2014 ends with some uncertainty about future regulatory changes: how the Government will respond to the Financial System Inquiry recommendations and the Competition Policy review recommendations and the future of the Office of the Australian Information Commissioner and the Australian Charities and Not-for-profits Commission.

It is clear that the regulators, particularly ASIC, will be under pressure to carry out more functions, for less money. Regulated bodies should expect greater surveillance.

Changes that commence on 1 January 2015 include:

• the new Franchising Code of Conduct
• new APRA Risk management standards for authorised deposit-taking institutions, general insurers and life companies, and authorised non-operating holding companies
• new verification of identity requirements for mortgagors in NSW, and
• FATCA reporting and due diligence obligations for reporting entities

Other changes expected in 2015 include:

• the ASIC Register of Financial Advisers (March)
• ASIC comparison website for building and home contents insurance products (March), and
• implementation of the new AML/CTF additional customer due diligence requirements (transition ends 31 December 2015).

You can also expect the results of various reviews including the review of the Personal Property Securities Act.

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