By Jim Bulling, Anabelle Weinberg and Lok Choy
The Australian Prudential Regulation Authority (APRA) has released its policy and supervision priorities for 2023 with the aim to increase the financial soundness of the banking, insurance and superannuation industry.
Read MoreBy Andrew Massey and Robert Lloyd
With effect from 31 July 2023*, a new Consumer Duty will require firms conducting regulated activities in the UK to act to deliver good outcomes for retail customers. The FCA has conducted a review of the implementation plans of a number of larger firms, and published its findings on 25 January 2023.
Although pertaining to larger firms, the findings – particularly the examples of good practice and areas for improvement – are intended to be “useful” for all firms preparing for the Duty. The underlying concern identified by the FCA is the risk that firms may not be ready in time, or may struggle to embed the Duty effectively throughout their business.
Read MoreBy Maya Ffrench-Adam and Andrew Massey
1 January 2023 marked the latest regulatory milestone in the UK’s phased implementation of the Task Force on Climate-related Financial Disclosures (TCFD) recommendations.
The TCFD – first set up in 2015 by the Financial Stability Board – is an international body that has issued recommendations, targeted at multiple sectors, for disclosing climate-related financial information.
Read MoreBy Jim Bulling and Anabelle Weinberg
Earlier this week, the Australian Competition & Consumer Commission (ACCC) announced that they will be cracking down on misleading testimonials and endorsements by social media influencers. The ACCC is reviewing a range of social media platforms including Instagram, TikTok, Snapchat, YouTube and Facebook, and Twitch.
Read MoreBy Jim Bulling and Anabelle Weinberg
Australian Minister for Financial Services, Stephen Jones, has urged superannuation trustees to ‘step up to the mark’ on member engagement and satisfaction following a recent report from the Australian Securities and Investments Commission (ASIC).
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