In addition to your “business as usual” tasks and your reporting obligations, you need to find time to monitor regulatory changes and plan for them.
Here’s a snapshot of what’s coming up (that have been passed or announced) in the first 6 months of 2020.
UPDATE: May 2020 changes
You should have already adopted your policy. Is it available on your website? see ASIC RG 270.138.
General Insurance Code of Practice
transition to new
General Insurance Code
of Practice from 1
January 2021 commenced
APRA SPS 515 Strategic Planning and Member Outcomes commenced for RSE licensees
ASIC ban on unsolicited
“cold call” telephone
sales of direct life
insurance and consumer
credit insurance commences.
ASIC to finalise new Internal Dispute
recording and reporting
ASIC RG 165.
Mandatory credit reporting
commences for large
All of these changes will affect your internal systems and processes. Some, like open banking, will have major technological changes.
And the rest of 2020 and 2021 will have more changes as the Financial Services Royal Commission recommendations and the new product design and distribution obligations are implemented.
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Author: David Jacobson
Principal, Bright Corporate Law
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.