On the pulse
- ASIC updates guidance on advertising financial products and services – see media release
- ASIC updates mandatory credit reporting relief – see media release
- ASIC confirms approach to ban on advertising super funds during employee onboarding – see media release
- ASIC: Super stragglers dampen progress on death benefits delivery for grieving Australians – see media release
- ASIC puts private credit on notice, ahead of 30 June valuations and reporting – see media release
- ASIC helps strengthen the fight against imposter scams in financial services – see media release
- APRA advises final phase of governance reform and issues draft CPS 510 – see media release
- APRA and ASIC announce FAR changes to reduce administrative burden – see media release
- APRA works towards finalising the new pathway to internal ratings-based accreditation – see media release
- APRA sets out minimum expectations to strengthen industry readiness for geopolitical shocks – see media release
- Treasury: AFCA to handle external disputes over scam losses – see media release
ASIC
ASIC updates guidance on advertising financial products and services
On 9 June 2026, ASIC announced that it has updated its guidance on advertising financial products and services to help industry comply with legal obligations and avoid misleading consumers. The updates to Regulatory Guide 234 Advertising financial products and services (including credit) simplify and explain ASIC’s regulatory approach to advertising financial products and services. As part of this work, ASIC has withdrawn Regulatory Guide 53 The use of past performance in promotional material.
ASIC updates mandatory credit reporting relief
On 10 June 2026, ASIC announced that it has amended the mandatory credit reporting relief for credit providers. ASIC Credit (Amendment) Instrument 2026/64 amends the relief provided under ASIC Credit (Mandatory Credit Reporting) Instrument 2021/541 by introducing an additional category of account that is exempt from reporting, being accounts created solely for testing new products. The relief will sunset on 1 October 2031.
ASIC confirms approach to ban on advertising super funds during employee onboarding
On 9 June 2026, ASIC outlined its transitional approach to the enforcement of a new ban on any advertising of superannuation funds occurring during the employee onboarding process, set to commence on 1 July 2026.
The ban, which does not apply to general advertising to the public, aims to protect employees from being influenced to make uninformed decisions, which may include opening inappropriate products or unintentionally creating duplicate superannuation accounts. MySuper products that meet the legislated criteria, employer default funds and an employee’s stapled fund are exempt from the ban.
ASIC puts private credit on notice, ahead of 30 June valuations and reporting
On 18 June 2026, ASIC announced that it is calling on funds to ensure that their 30 June asset valuations are current, accurate and grounded in realistic assumptions. ASIC also expects boards, auditors and all participants across the private credit ecosystem, including responsible entities, trustees and chief investment officers, to assess current private credit and broader private market practices against ASIC's ten principles and lift standards where needed.
ASIC helps strengthen the fight against imposter scams in financial services
On 17 June 2026, ASIC announced that it is making it easier to check if a website belonging to an Australian financial services licensee, such as a bank, investment platform or super fund, is legitimate by collecting and publishing website addresses on its Professional Registers Search. ```
APRA
APRA advises final phase of governance reform and issues draft CPS 510
On 16 June 2026, APRA announced that it has commenced the final phase of its governance review. As part of this, it has released an updated draft of CPS 510 (Governance). The revised draft aims to:
- Strengthen requirements for board governance, conflicts management and the fitness and propriety of directors and executives.
- Remove duplicative fit and proper reporting now that FAR reporting is in place. These changes would mean forms are no longer required to be submitted for 6,000 individuals.
- Improve flexibility by enabling boards to delegate APRA's board requirements in other prudential standards and by aligning governance requirements with other codes and regimes where appropriate.
- Harmonise requirements by combining five existing prudential standards into one and setting consistent governance minimums for all APRA-regulated entities.
APRA will consult on this until August 2026 and invites feedback. It expects the new requirements to take effect from early 2028.
APRA and ASIC announce FAR changes to reduce administrative burden
On 16 June 2026, APRA announced that it, along with ASIC, will streamline aspects of the Financial Accountability Regime (FAR) to reduce regulatory burden without lowering accountability standards.
Under the proposed changes, APRA and ASIC will:
- Remove key functions requirements from the FAR regulator rules.
- Raise the materiality threshold for notifying APRA and ASIC of changes in accountability.
- No longer require information on accountable persons’ direct reports in accountability maps.
APRA and ASIC estimate that the changes will reduce reporting for all accountable entities and the 4,500 impacted accountable people. Further, the changes to accountability maps will at least halve the number of updates entities need to make.
See also ASIC’s media release.
APRA works towards finalising the new pathway to internal ratings-based accreditation
On 17 June 2026, APRA released a letter that sets out its response to the four submissions received during the consultation process and is accompanied by the final revised Prudential Standard APS 113 Capital Adequacy: Internal Ratings-based Approach to Credit Risk and Prudential Practice Guide APG 113 Capital Adequacy: Internal Ratings-based Approach to Credit Risk.
In October 2025, APRA consulted on a simpler, clearer and more flexible pathway for banks to become accredited to use the internal ratings-based (IRB) approach to calculating credit risk-weighted assets. The new pathway is designed to make IRB accreditation more attainable for medium-sized ADIs by making APRA’s expectations more transparent and introducing further flexibility into the accreditation process.
APRA sets out minimum expectations to strengthen industry readiness for geopolitical shocks
On 17 June 2026, APRA announced that it has written to banks, insurers and superannuation funds setting out its minimum expectations in relation to their readiness for geopolitical shocks. APRA has grown increasingly concerned over recent years about the potential for adverse impacts on the financial system stemming from geopolitical shocks such as trade restrictions, sanctions and armed conflicts.
See APRA’s letter.
Other bodies and regulators
Treasury: AFCA to handle external disputes over scam losses
On 9 June 2026, Treasury announced that the government has authorised the Australian Financial Complaints Authority (AFCA) to handle external disputes under the Scams Prevention Framework (SPF). This authorisation enables AFCA to handle disputes across the banking, telecommunications and digital platform sectors under the SPF. Access to dispute resolution gives consumers a clear pathway to seek redress where regulated entities fail to meet their SPF obligations and cause scam‑related harm or loss.
G+T articles
G+T Insight – Corporate Advisory Update | June 2026 – outlines the key legal developments over the last month relevant to in-house counsel – Ilona Hunnisett (10 June 2026)
G+T Insight – APRA's governance overhaul: implications for regulated entity boards – provides an overview of the reform – Silvana Wood and Chris Whittaker (19 June 2026)
G+T Insight – APRA and ASIC announce welcome reforms to the Financial Accountability Regime – provides a summary of key changes – Silvana Wood, Chris Whittaker and Sana Ali (19 June 2026)
G+T Insight – Regulatory enforcement spotlight 2026: key trends so far and what to expect next – Richard Harris, Aparna Nanayakkara and Rosie Enderby (19 June 2026)
G+T Insight – Gilbert + Tobin defeats NSW Court of Appeal challenge of arbitral stay – provides an overview of Clough Projects Australia Pty Ltd v Elecnor Australia Pty Ltd – Kon Nakousis, Lucy Zimdahl and Reid Hadaway (16 June 2026)
Calendar dates
- 1 July 2026 – Mandatory climate-related financial disclosures for Group 2 entities apply in respect of financial years starting on or after this date
- 1 July 2026 – Key AML/CTF obligations commence for Tranche 2 entities (such as lawyers, accountants, conveyancers and providers of real estate services)
- 1 July 2026 – Payday Super reforms commence
- 13 July 2026 – Key CDR obligations commence for non-bank lenders
- 29 July 2026 – AUSTRAC enrolment deadline for newly regulated Tranche 2 businesses
- 29 July 2026 – AML/CTF compliance officer notification deadline for newly regulated entities