Financial services regulation planning January – June 2020

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

January 1, 2020

Whistleblower policy

You should have already adopted your policy. Is it available on your website? see ASIC RG 270.138.

January 1, 2020
January 1, 2020

Financial advisers

All financial advisers
must comply with FASEA
Code of Ethics

January 1, 2020
January 1, 2020

General Insurance Code of Practice

transition to new
General Insurance Code
of Practice from 1
January 2021 commenced

January 1, 2020
January 1, 2020


APRA SPS 515 Strategic Planning and Member Outcomes commenced for RSE licensees

January 1, 2020
January 13, 2020

Telephone sales

ASIC ban on unsolicited
“cold call” telephone
sales of direct life
insurance and consumer
credit insurance commences.

January 13, 2020
March 1, 2020

Banking Code

Updated version of
ABA Banking Code of
Practice commences.

March 1, 2020
March 1, 2020

Dispute Resolution

ASIC to finalise new Internal Dispute
Resolution data
recording and reporting
requirements for
ASIC RG 165.

March 1, 2020
July 1, 2020

Information security

Amend third party
service contracts to
comply with CPS 234.

July 1, 2020

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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David Jacobson

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.

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