Keeping on top of the latest financial services regulatory & compliance trends?

Investing time in your professional development within a rapidly changing financial services industry is challenging. To meet that challenge, the Australian regulators weekly wrap is designed to keep you at forefront of your practice by quickly setting out the top 5 developments from the past week, analysis and practical considerations for the future.

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  1. Banking Code of Practice (ABA): the Australian Banking Association has announced it has commissioned an independent review of the Banking Code of Practice. The Code is independently reviewed every three years. The 2021 independent review is being undertaken by Mike Callaghan AM PSM, and is being undertaken in consultation with consumer representatives, small business organisations and other stakeholders. The Terms of Reference outline the scope of the review e.g. it will consider the Banking Code Compliance Committee, and whether there is a need to adjust its duties and powers, including whether sanctions available are appropriate i.e. like exists in the insurance sector. A Consultation Note outlining some of the issues that will be covered in the review has been published, and the review will report by end November 2021.

Thought for the future: 4 months until October 2021, when both the DDO and new breach reporting frameworks will commence. If you are an AFSL holder and haven’t commenced your preparations in earnest, now is the time!

AU financial services lawyer in compliance, regulatory & disputes. Email sign-up: http://eepurl.com/gG9Kk1 and LinkedIn: https://www.linkedin.com/in/lthennessy/