On the pulse
ASIC shares industry feedback and next steps – the future of Australia’s public and private markets – see media release.
ASIC uncovers widespread compliance plan deficiencies in the managed investment industry – see media release and article.
ASIC and APRA provide update on review of life insurance premium practices – see joint letter.
ASIC renews warning for AFS licensees ahead of deadline for financial advisers – see media release.
ASIC tells home insurers: fix your oversight of independent experts and improve communication on cash settlements – see media release.
ASIC grants limited no-action position for deficient advice fee written consents – see media release.
ASIC InFocus – June 2025 – see newsletter.
ASIC clears path for faster IPOs – see media release.
ASIC cracks down on unlawful finfluencers in global push against misconduct – see media release.
ASIC’s refreshed website is coming soon – see media release.
APRA publishes updated frequently asked questions for licensing – see FAQs.
APRA proposes changes to capital framework for annuity products – see media release.
APRA reinforces expectations on authentication controls in superannuation sector – see media release.
AICD submission on APRA governance and fit and proper proposals – see media release.
G+T Insight - ASX refreshes its guidance on its listing criteria – all you need to know about the revised ASX Guidance Note 1 – Adam D’Andreti and Laura Worrad (2 June 2025).
G+T Insight - When fine-tuning can open a Pandora’s box of AI risk – Andrew Low and Peter Waters (2 June 2025).
G+T Insight - ASIC calls on responsible entities to consider the adequacy of their compliance plans – Silvana Wood, Nathan Cahill, Adam Laura, Deborah Johns and Judy Hsu (3 June 2025).
G+T Insight - OAIC AI Guidance – regulating AI to maintain privacy – Melissa Fai and Jen Bradley (5 June 2025).
G+T Insight - How will your AI agent talk to my AI agent? – Andrew Low, Peter Waters and Jen Bradley (10 June 2025).
ASIC
The future of Australia’s public and private markets – ASIC shares industry feedback and next steps
ASIC has released more than 50 public submissions received in response to its discussion paper on the evolving dynamics between public and private markets, released in February 2025. The paper examined the health and future of Australia’s markets, including the growth in private markets, the decline in public listings and the growing significance of superannuation funds.
ASIC continues to meet with domestic and international stakeholders and has received almost 90 submissions. The responses have been overwhelmingly positive and reflect the views of industry bodies, market operators, superannuation trustees, fund managers and other stakeholders across the finance sector.
ASIC noted a range of actionable items, including streamlining IPO and disclosure requirements, and indicated that it plans to announce the adoption of some of these proposed actionable items and will share its roadmap for public and private markets in Q3 and Q4 respectively this year.
See ASIC media release.
ASIC uncovers widespread compliance plan deficiencies in the managed investment industry
An ASIC assessment of 50 compliance plans used by responsible entities (REs) in the operation of a combined 1,471 managed investment funds, has found that most of the compliance plans failed to adequately address the most important requirements across the design and distribution obligations, internal dispute resolution and reportable situations regimes.
ASIC is calling on REs to swiftly address inadequacies and gaps in their compliance plans, including by taking account of the key findings in ASIC’s review and considering examples of better practices employed by some REs.
ASIC has written to some REs about its concerns with their compliance plans and is investigating others for potential breaches of their legal obligations.
See ASIC media release and news article.
ASIC and APRA provide update on review of life insurance premium practices
ASIC and APRA have released an update on the progress life companies (life insurers and friendly societies) have made in addressing issues related to premium increases, product design and disclosure and marketing materials.
This latest review of industry progress identified improvements in re-rating practices, marketing and disclosure materials, as well as product governance. However, actions to address increasing premium volatility through product design are still at an early stage. Given the recency of these actions, it is too early to fully assess their effectiveness in reducing the frequency and size of premium increases. Both regulators will continue to engage with the individual life companies where the need for further uplift has been identified.
See ASIC media release and APRA-ASIC letter.
ASIC renews warning for AFS licensees ahead of deadline for financial advisers
ASIC is again urging relevant providers and their authorising AFS licensees to immediately check all relevant information on the Financial Advisers Register.
ASIC has conducted a second spot check of the Financial Advisers Register, focusing on the accuracy of relevant provider qualifications. This information is critical in the lead-up to 1 January 2026 when all relevant providers must meet the qualifications standard.
ASIC will continue monitoring information on the Financial Advisers Register in the lead-up to January 2026 and will consider further regulatory responses if required.
After 1 January 2026, ASIC will undertake a compliance program, relying on records on the Financial Advisers Register to determine if relevant providers remain authorised to provide personal advice to retail clients.
See ASIC media release.
ASIC tells home insurers: fix your oversight of independent experts and improve communication on cash settlements
A recent ASIC review found that home insurers need to improve their oversight of independent experts and provide better information to consumers when offering cash settlements.
ASIC’s review assessed how general insurers addressed areas for improvement identified in Report 768 Navigating the storm: ASIC’s review of home insurance claims (which was published in August 2023).
ASIC found that insurers did not have a systemic approach to overseeing the quality of independent expert reports and generally relied on claims-handling staff, who may not have the required level of subject matter expertise, to identify errors.
Once a claims decision had been made, insurers did not have processes to check the quality of independent expert reports, nor the accuracy of decisions that relied on them.
ASIC also found that consumers need to be better informed about how cash settlements may work and how decisions are made.
More information about ASIC’s follow-up review of the home insurance industry is detailed in the article on ASIC’s website.
See ASIC media release and news article.
ASIC grants limited no-action position for deficient advice fee written consents
ASIC has updated ASIC Information Sheet 286 FAQs: Ongoing fee arrangements and consents to account for ASIC's limited no-action position in response to a specific issue raised by the advice industry about the inclusion of account numbers in a client’s written consent for the deduction or arranging of the deduction, of ongoing advice fees.
ASIC is calling on financial advisers and superannuation trustees to ensure they are complying with client consent requirements when entering into ongoing fee arrangements (OFAs).
ASIC does not intend to take action for breach of section 962S of the Corporations Act 2001 and section 99FA of the Superannuation Industry (Supervision) Act 1993 where:
Written consent was given by a client under section 962S of the Corporations Act for the fee recipient to deduct or arrange to deduct fees under an OFA from 10 January 2025 until 5 September 2025.
An account number was not included in the consent.
In the case of superannuation, a trustee deducted from the relevant member’s account the advice fees as set out in the consent.
See ASIC media release.
ASIC InFocus – June 2025
Coming soon: More transactions added in the Australian Financial Services (AFS) licensing portal – Applications to vary, maintain or cancel an AFS licence will become available in the new AFS licensing portal from 16 June 2025. These additional transactions complement the launch of the AFS licensing portal introduced on 5 May 2025.
Fee indexation 2025 – On 1 July 2025, some ASIC fees will change based on an increase in the Consumer Price Index.
Coming soon: ASIC website refresh – ASIC is working on delivering a simplified and intuitive website, which will improve the experience for all users. Overall, improvements are to the look and feel of the website, its navigation to better support user needs and content for Company Registration and Business names that will be easier to understand.
Understanding financial reporting deadlines – ASIC warns entities that have a financial year ending 30 June as financial reports need to be submitted to ensure compliance and avoid late fees.
ASIC reminds small business directors of their obligations to manage company money and assets appropriately – ASIC is reminding small business company directors that they must manage company money and assets in the best interests of their company. Misuse of company money and assets for personal gain can lead to companies being unable to pay their debts, which can harm other small businesses who are creditors.
See ASIC InFocus.
ASIC clears path for faster IPOs
On 10 June 2025, ASIC announced the start of a two-year trial of a shorter IPO timetable for eligible entities listing on the ASX via the fast-track listing process. ASIC will now informally review offer documents two weeks prior to public lodgement, which could reduce the IPO timetable by up to a week.
The announcement is in response to the decline in IPOs and public companies, as highlighted in ASIC’s recent discussion paper on the evolving dynamics between public and private markets, and is the first in a series of regulatory changes ASIC is considering to improve Australia’s public markets.
The changes mean that ASIC will engage with an issuer prior to the exposure period, reducing the need for supplementary and replacement documents and extensions to the exposure period. This also reduces the risk that market volatility and consequential pricing changes may impact investor interest in the IPO.
The changes also include a ‘no action’ position by ASIC that now allows eligible companies to accept retail investor applications during the public exposure period for new listings, cutting down the administrative timeline of the IPO process.
See ASIC media release.
ASIC cracks down on unlawful finfluencers in global push against misconduct
Last week, ASIC and regulators from the United Kingdom, United Arab Emirates, Italy, Hong Kong and Canada took coordinated actions to crack down on unauthorised finfluencers.
Following the release of ASIC Information Sheet 269 Discussing financial products and services online in 2022, ASIC has observed a noticeable drop in social media posts spruiking financial products and services by unauthorised finfluencers.
ASIC’s current concerns lie with finfluencers positioning themselves as so-called trading experts, who are providing unauthorised financial product advice and promoting high-risk, complex investment products that can cause real consumer harm, such as contracts for difference and over the counter derivative products.
See ASIC media release.
ASIC’s refreshed website is coming soon
ASIC will soon be rolling out its updated website with a simplified, streamlined and intuitive interface aimed at improving user experience for the Australian public.
The updated website will go live by Monday 30 June 2025, featuring updated company registration and business names information, enhanced navigation and an improved look and feel to better support the needs of users.
See ASIC media release.
APRA
APRA publishes updated frequently asked questions for licensing
APRA has made minor amendments to frequently asked questions for APRA's licensing process.
The updates incorporate changes from the introduction of the Financial Accountability Regime and remove duplicated commentary already reflected in APRA’s Information paper ADIs: New entrants – a pathway to sustainability.
See APRA licensing FAQs.
APRA proposes changes to capital framework for annuity products
APRA has issued a consultation paper on modifying the capital framework for annuities. The proposed changes would allow reduced capital requirements for annuity products in return for enhanced risk management by life insurers, including closer matching of assets and liabilities. This should help life insurers to offer more competitively priced annuities without unduly increasing risks to policyholders.
The proposals respond to industry calls to better align APRA's requirements with those of other jurisdictions, creating a more favourable environment for the provision of annuity products. Over time this initiative has the potential to improve annuity offerings to Australian retirees.
APRA seeks feedback from industry participants and relevant stakeholders, welcoming written submissions in response to this paper by 25 July 2025.
See APRA media release.
APRA reinforces expectations on authentication controls in superannuation sector
APRA has written a letter to all RSE licensee board chairs, reinforcing expectations regarding information security and the implementation of robust authentication controls.
This action follows recent credential stuffing attacks that exposed persistent weaknesses in authentication practices across the superannuation industry. APRA has reminded entities of their obligations under Prudential Standard CPS 234 Information Security and outlined specific actions to assess and strengthen authentication controls.
See APRA media release.
APRA releases quarterly authorised deposit-taking institution statistics for March 2025
See APRA statistics.
G+T articles
G+T Insight - ASX refreshes its guidance on its listing criteria – all you need to know about the revised ASX Guidance Note 1 – provides an overview of the key amendments, new guidance and a summary of noteworthy changes to Guidance Note 1 – Adam D’Andreti and Laura Worrad (2 June 2025).
G+T Insight - When fine-tuning can open a Pandora’s box of AI risk – discusses the risks of fine-tuning AI on a very narrow specialised task, demonstrating how it can result in the AI model becoming broadly unmoored from the original developer’s safety guidelines – Andrew Low and Peter Waters (2 June 2025).
G+T Insight - ASIC calls on responsible entities to consider the adequacy of their compliance plans – discusses the findings from ASIC’s review of a cross-section of compliance plans used by responsible entities of registered management investment schemes – Silvana Wood, Nathan Cahill, Adam Laura, Deborah Johns and Judy Hsu (3 June 2025).
G+T Insight - OAIC AI Guidance – regulating AI to maintain privacy – discusses key aspects of the Privacy Commissioner’s guidance papers for AI regulation – Melissa Fai and Jen Bradley (5 June 2025).
G+T Insight - How will your AI agent talk to my AI agent? – discusses a recent paper by US, UK and Australian researchers (Chan et al) which outlines the technical systems and shared protocols external to AI agents needed to mediate and influence their interactions in the real world – Andrew Low, Peter Waters and Jen Bradley (10 June 2025).
Calendar dates
10 June 2025 – Credit licensing requirements for Buy Now Pay Later providers commence.
31 March 2026 – Amended AML/CTF obligations commence for existing reporting entities.
31 March 2026 – Tranche 2 entities may enrol as reporting entities with AUSTRAC.
1 July 2026 – Mandatory climate-related financial disclosures for Group 2 entities apply in respect of financial years starting on or after this date.
13 July 2026 – Key CDR obligations commence for non-bank lenders.
1 July 2027 – Mandatory climate-related financial disclosures for Group 3 entities apply in respect of financial years starting on or after this date.