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Regulatory Developments…15 November - November 19

Friday 19 November 2021

 
 The securities regulator is looking to help business remediate with ‘greater confidence and speed’ with the release of the consultation paper Consumer Remediation: further consultation  CP 350.           
                
This week the Australian Securities and Investments Commission (ASIC) released an updated draft guidance on consumer remediation that is intended to be comprehensive and will allow  for nuanced application for particular circumstances.

ASIC Deputy Chair Karen Chester said in an official statement this week, “‘Right now, ASIC is monitoring 64 remediations that will see the return of about $5.4 billion to more than 5.6 million consumers upon finalisation. There are many other remediations that are dealt with by firms without any ASIC involvement.”

Consultation on consumer remediation client review and remediation conducted by advice licensees  RG 256 closed at the end February earlier this year.

“One of the most common stumbling blocks we have seen across remediations is underinvestment in systems. This underinvestment has led to multiple failures. First and foremost, in delivering on promises to consumers, second in identifying the failures and third in being able to remediate consumer loss in a timely way.”

Submission Deadline 11 February  2022.




 
The Australian Securities and Investments Commission (ASIC) released CP 351 Superannuation Forecasts: Update to Superannuation Calculators and estimates relief.

ASIC Commissioner Danielle Press,” We want to hear from stakeholders about how our relief can best facilitate industry’s appropriate provision of tools that help super fund members to think about retirement income. We would welcome recent evidence on how calculators and estimates have influenced consumer outcomes in practice to help ASIC ensure our proposed relief is fit for purpose,' Ms Press said.”

Submission Deadline 28 January 2022.