Looking back on financial services and credit regulation in 2023

I have reviewed the “year ahead” video I recorded at the beginning of 2023. 

The issues I identified then remained important during the year: operational risk, cybersecurity, climate change impact, privacy, financial crime and consumer protection.

In the area of consumer protection, from 10 November 2023, significant penalties can be imposed for unfair contract terms in standard form contracts for consumers and small business customers.

The main regulatory changes for the banking, insurance and superannuation sectors were the passing of the Financial Accountability Regime Act 2023 and the finalisation of APRA’s Prudential Standard CPS 230 Operational Risk Management.

The “Modernising Business Communication” legislation now allows companies to send notices electronically in many circumstances.

Increased ASIC enforcement activity, particularly for misleading conduct and greenwashing, and breach reporting obligations put increased pressure on the monitoring of compliance programs. 

2023 also saw APRA and Austrac’s co-ordinated enforcement actions against the Bank of Queensland while ASIC and Austrac separately sued Star and Star’s directors for alleged serious and systemic non-compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws.

Finally, workplace laws have commenced which introduce a positive duty on all employers to take “reasonable and proportionate measures” to eliminate unlawful sex discrimination. Gender pay gap reporting has also commenced for the private sector.

If you found this article helpful, then subscribe to our news emails to keep up to date and look at our video courses for in-depth training. Use the search box at the top right of this page or the categories list on the right hand side of this page to check for other articles on the same or related matters.

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.

Print Friendly, PDF & Email

Your Compliance Support Plan

We understand you need a cost-effective way to keep up to date with regulatory changes. Talk to us about our fixed price plans.