Financial Services Regulatory Timeline 2018

It’s time to look at what we need to do to prepare for 2018: here’s my regulatory timeline.

Regulatory TImeline

 

 

 

 

 

 

 

 

 

 

 

Click on the image to enlarge it.

Items with an asterisk indicate that they are subject to the passing of legislation.

Due to the debate on the Marriage Amendment Bill and constitutional politician citizenship matters it is expected that other legislation will not be further considered until next year.

But there is a possibility that a Bill for a Commission of Inquiry into banking and financial services will be introduced before Parliament rises for the year.

UPDATE: Royal Commission announced on 30 November 2017 

Here are links to the articles on each of the issues.

1 January 2018
Life insurance commission changes start

22 February 2018
Data Breach Notification Scheme commences

1 April 2018

AML/CTF amendments commence

1 July 2018
Banking Reforms including BEAR start*

Insolvency law reform: ipso facto contract clauses

Australian Financial Complaints Authority*

Comprehensive credit reporting*

Prohibition on unsolicited credit card limit offers*

Whistleblowers protection*

Online gambling lines of credit changes

1 November 2018

Flex commissions banned

1 January 2019

Banking and Financial Services Royal Commission reports

ASIC supervisory levy starts

Financial adviser standards

Credit card regulation changes*

Small amount credit contract changes*

Consumer lease changes*

Things to watch for

Fintech sandbox regulation extension 

Superannuation fund governance*

Increased ASIC and APRA enforcement powers and penalties

Open banking

Small business lending protections

PPSR amendments

Add-on car insurance

CCI sold with credit cards

Reverse mortgages

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