ASIC

Super fund trustees owe statutory covenants of care, skill, diligence, best financial interests, and prudent investment.

Every director needs a Director ID before appointment — apply via ABRS.

AFSL/ACL holders must report reportable situations within 30 calendar days of becoming aware.

Credit licensees must not enter into credit contracts unsuitable for the consumer.

Issuers and distributors of retail financial products must have a Target Market Determination (TMD) and distribute consistently with it.

Brokers must act in the consumer's best interests when providing credit assistance.

Banking entities from 15 March 2024; insurers and super trustees from 15 March 2025.

Self-managed super funds must be audited by an ASIC-registered auditor each year.

Relevant providers must be on the Financial Advisers Register and meet education + CPD + Code of Ethics.

Listed entities must immediately disclose price-sensitive information to the market.

Directors must prevent the company incurring debts while insolvent — or face personal liability.

AFSL holders and representatives must not accept conflicted remuneration in connection with retail financial product advice.

Offers of securities to retail investors require a prospectus or OIS lodged with ASIC.

Directors owe duties of care and diligence (s 180), good faith (s 181), no improper use of position (s 182) or information (s 183).

Directors can place company in voluntary administration when insolvent — pause creditor claims for restructuring window.

Personal advisers must act in client's best interests + meet related obligations.

Schemes with 20+ retail members must be registered with ASIC as MIS.

Issuers + distributors of retail financial products bound by DDO from 5 October 2021.

AFSL + ACL holders must be members of AFCA — sole AU EDR scheme.

AFSL holders must do all things necessary to ensure financial services are provided efficiently, honestly and fairly.

BNPL captured by the NCCP Act as a regulated credit product from 10 June 2025.

AFSL holders providing financial services to retail clients must hold adequate professional indemnity insurance.

FAR accountable persons must have 40% of variable remuneration deferred 4 years.

Group 2 (mid-tier entities) start climate disclosure FY27.

ASX Listing Rule 12.12 requires written policy on directors + senior managers trading entity securities.

Group 1 entities must report Scope 3 from year 2 + escalating assurance through to FY30.

Financial Services Guide before service; Statement of Advice for personal advice.

SACC + consumer lease fee caps + responsible lending tightened post-Royal Commission.

Issuers of OTC derivatives to retail clients face product intervention orders + tightened conditions.

Credit providers must respond to hardship notice + assess variation request.

From 1 January 2022, insurance claims handling is a financial service requiring AFSL authorisation.

Test the three large-prop thresholds at the end of each financial year — failing any two triggers Chapter 2M reporting.

Every Australian company has an annual review date — confirm details and pay the fee.

AFSL holders must authorise representatives in writing and notify ASIC of new ARs within 15 business days.

Auditors must conduct audits per ASA — Aus equivalent of ISA, with Aus additions.

BI insurance policies must clearly define pandemic exclusions per Federal Court guidance.

Issuers and distributors must observe any product intervention order made by ASIC.

Treasury consultation 2024 on bespoke crypto licensing — separate from AFSL.

Directors must contemporaneously document discharge of duties for defence in s 180-183 cases.

Credit providers must consider hardship notices within 21 days under s 72 NCC.

Group 3 (smaller entities) start climate disclosure FY28.

Entities with consolidated revenue ≥$100M must publish a Modern Slavery Statement annually.

Scope 3 emissions become mandatory year 2 of ASRS reporting (varies by Group).

Representatives advising on financial products to retail clients must meet RG 146 training standards.

Group 1/2/3 entities must publish ASRS-aligned climate disclosures with their annual financial reports.

Treasury scoping CASP regime for digital asset platforms.

ABA member banks bound by the Banking Code — fair conduct + dispute resolution requirements.

Companies must retain financial + business records for 7 years.

FSC member life insurers bound by Code 2.0 (commenced 1 July 2023).

Treasury reforms scoping payment stablecoin licensing under PSP regime.

RCAs must maintain ASIC registration + 120 hours CPD over 3 years.

ICA Code binds member insurers on conduct + claims + complaints.

Financial firms must acknowledge complaints within 24 hours and resolve within prescribed timeframes.

Annual percentage + comparison rate must accompany credit product ads under NCCP Regulations.

ICA member insurers bound by service standards + claims handling timeframes.

ASX-listed entities must disclose against 8 Principles + 38 Recommendations annually.

Public companies and large proprietary companies must have a whistleblower policy and protect disclosers.

Treasury reform of payments licensing to capture digital wallets + Buy Now Pay Later + stored value.

From November 2023, unfair contract terms carry pecuniary penalties — up to $100M per term (from 28 March 2026).

Companies must pay annual fees + lodge prescribed forms within statutory periods (e.g. Form 484 for changes).

Retail financial product issuers must provide a current PDS before issuing.

Credit card limit increase offers cannot be sent without prior written consent.

S2 mandates climate scenario analysis at least 1.5°C-aligned + an additional scenario.

Large proprietary, public and disclosing entities must prepare and lodge audited financial reports.

SVF providers must operate within APRA + Treasury rules on purchased payment facility regulation.

Small companies (<$1M liabilities) can use SDR to restructure without full external admin.

APES 110 binds CA ANZ, CPA Australia and IPA members (and auditors) to five ethical principles via a threats-and-safeguards framework — who it covers and the penalties.

Proposed beneficial ownership register for unlisted companies and trusts — consultation through 2024-2025; commencement TBD.

If a remuneration report attracts 25%+ no votes twice running, a spill resolution must be considered.

Companion to AASB S2 (climate). Currently voluntary in AU; ISSB pathway suggests phased mandatory.

Voluntary but industry-standard code covering electronic transaction terms, mistaken internet payments, and unauthorised transactions.

Former Queensland property developer, Ian Omar Chester has been sentenced to 9 years imprisonment for aggravated * fraud following an ASIC investigation into multiple Southeast Queensland property development companies.

ASIC has disqualified former Queensland resident Yuetu Ma (also known as Jack Ma) from managing corporations for four years arising from his role as a director of failed companies Warwick Gold Holdings Pty Ltd and Impact Gold Ltd.

Richard Evans (also known as Richard Evertz), the former chief executive officer of collapsed ASX-listed technology company Big Un Limited (Big Un), has today been convicted and sentenced in the District Court of New South Wales for communicating inside information to another person.

Fundo Loans Pty Ltd has paid a $19,800 infringement notice issued by ASIC over an allegedly misleading claim on its website that it offered ‘no credit check loans’ of up to $5,000.

The Companies Auditors Disciplinary Board ( CADB ) has suspended the registration of Brisbane company auditor Cameron Bradley, formerly a partner of PKF Brisbane Audit ( PKF Brisbane Audit ), until 30 June 2028. The suspension comes into effect on 15 September 2026.

ASIC has cancelled the registered agent status of Mr Faheem Ahmed Syed, the sole director and shareholder of AGFA Accountants Pty Ltd for breaches of ASIC’s Registered Agent Terms and Conditions.

ASIC has accepted Ross Stephen Thomson’s application for cancellation of his registration as a liquidator, after raising concerns about whether he was a fit and proper person to remain registered and whether he had adequate resources to satisfactorily perform his duties and functions as a registered liquidator.

ASIC has issued six infringement notices totalling $118,800 to trustees of three superannuation funds after identifying alleged false or misleading representations about their superannuation investment options during a review of disclosures on superannuation trustees’ websites.

ASIC has issued six infringement notices totalling $118,800 to trustees of three superannuation funds after identifying alleged false or misleading representations about their superannuation investment options during a review of disclosures on superannuation trustees’ websites.

ASIC has issued six infringement notices totalling $118,800 to trustees of three superannuation funds after identifying alleged false or misleading representations about their superannuation investment options during a review of disclosures on superannuation trustees’ websites.

The Federal Court has found that Choosi Pty Ltd misled consumers in relation to its funeral and life insurance comparison services.

ASIC has cancelled the Australian financial services (AFS) licence of NSW-based financial services provider, Redstone Capital Pty Ltd (Redstone Capital).

Former Western Australian director Joanne Pellew has been sentenced in the District Court of Western Australia for dishonestly using her position as a director and for managing a corporation while disqualified.

The Federal Court has imposed a penalty of $3.5 million against Venture 5 Group Pty Ltd (trading as CashnGo) regarding its use of, and reliance on, unfair contract terms in more than 47,000 standard form small amount credit contracts (SACCs) with consumers.

Kristian John Convery of Melbourne was today convicted and sentenced by the Melbourne Magistrates Court after pleading guilty to acting as a self-managed superannuation fund (SMSF) auditor while disqualified and falsifying audit documents.

Alexander John McCulloch, a former project manager at Beacon Minerals Limited (Beacon Minerals), has been convicted and sentenced to 12 months’ imprisonment for insider trading, to be released forthwith on a recognisance of $5,000 and to be of good behaviour for 2 years.

ASIC has cancelled the registered agent status of Financial Tuneups Pty Ltd for breaches of ASIC’s Registered Agent Terms and Conditions.

Trustee of the Netwealth Superannuation Master Fund. Before offering First Guardian to members, it did not gather and assess enough information or make enough independent enquiries about the fund's risks. It also did not warn members that the fund might be illiquid.

ASIC has disqualified Alan MacDonald of Bankstown, New South Wales from managing corporations for the maximum period of five years due to his involvement in the failure of the following three companies:

Fiducian Investment Management Services Limited (FIMS) has been ordered to pay a $7.3 million penalty for breaching its duty to act with care and diligence as a responsible entity and engaging in conduct liable to mislead the public.

ASIC has issued infringement notices totalling $594,000 to three companies within supply chain logistics operator Mainfreight Group for allegedly failing to lodge their financial reports for the financial year ended 31 March 2025 on time.

ASIC has suspended the Australian financial services (AFS) licence of Central Accord Pty Ltd (AFS licence 226405) until 4 February 2027. The suspension took effect on 30 July 2026.

ASIC has issued infringement notices totalling $594,000 to three companies within supply chain logistics operator Mainfreight Group for allegedly failing to lodge their financial reports for the financial year ended 31 March 2025 on time.

ASIC has issued infringement notices totalling $594,000 to three companies within supply chain logistics operator Mainfreight Group for allegedly failing to lodge their financial reports for the financial year ended 31 March 2025 on time.

ASIC has suspended the Australian financial services licence (AFS) of CFD issuer GFA Capital Markets Ltd (GFA) for five months after finding multiple client money, reporting obligation and compliance failures.