Allens

Financial
Services Regulation

Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has released an interim report covering rounds one to four.

Here is our summary of the key issues identified and considerations for your company.

Read the report

Financial Services Regulation (FSR) in Australia provides the framework for a single licensing and disclosure regime for financial services providers.

It also provides a uniform scheme for financial products markets and clearing and settlement facilities. It covers most financial services and products.

FSR can apply to off-shore financial services providers, even if their connection with Australia seems very limited.

While the stated objectives of the FSR laws are simple, FSR is a complex and technical area and the laws are undergoing constant review, often resulting in changes to how financial products and services are regulated.

Allens cross-practice Financial Services Regulatory team includes experts from a range of practices within that the firm that advise clients with funds, super, wealth, insurance or banking businesses on regulatory issues that impact their business life-cycle from licensing, product development, distribution and marketing to regulatory compliance. We regularly advise Australian and international clients on regulatory investigations and disputes and have particular expertise in advising on Financial Services Regulatory issues involved in M&A transactions.

Rising interest – regulatory map of upcoming inquiries, reviews, and laws affecting financial institutions.

  • Life insurance change to exemption against conflicted remuneration ban – commenced 1 January 2018
  • Amendment of AMF/CTF Rules – amendments registered on 11 January 2018
  • Design and Distribution Obligations and Product Intervention Power Proposals – submissions closed 9 February 2018
  • Productivity Commission – review into competition in the Australian financial system – draft report published on 9 February 2018
  • New Payments Platform – launched on 13 February 2018
  • Asia Region Funds Passport – consultation period for exposure draft ended on 5 March 2018
  • Financial Services Legislation Amendment (Crisis Resolution Powers and Other Measures) Act – commenced 5 March 2018
  • Treasury Laws Amendment (Banking Measures No. 1) Act – non-ADI lending rules and Banking Act 1959 objects provision commenced 5 March 2018
  • Financial Services Royal Commission – first round of public hearings commenced 13 March 2018
  • Enhancing whistleblower protections – Economics Legislation Committee Report tabled 22 March 2018
  • Foreign bribery – report released on 28 March 2018
  • Strengthening superannuation member outcomes – consultation closed 29 March 2018
  • Rationalisation of life insurance and managed investment scheme legacy products – report tabled on 28 March 2018
  • Anti-Money Laundering and Counter-Terrorism Financing Act 2017 – commenced 3 April 2018
  • ASIC Consultation Paper 298 – oversight of AFCA – consultation ended 6 April 2018
  • Financial Services Royal Commission – second round of hearings held from 16 April 2018
  • ASIC Enforcement Review Taskforce – Federal Government response published on 16 April 2018
  • Crimes Legislation Amendment (Combatting Corporate Crime) Bill 2017 – report tabled on 20 April 2018
  • Restricted ADI licensing – commenced 4 May 2018
  • Treasury Laws Amendment (Banking Measures No. 1) Act – changes to restricted terms effective 5 May 2018
  • APRA's Superannuation Board Governance Thematic Review – findings published on 17 May 2018
  • Financial Services Royal Commission – third round of hearings held from 21 May 2018
  • Review into the Competitiveness of the Super System – draft report released on 29 May 2018
  • Prudential Standard CPS 234 Information Security – submissions closed on 7 June 2018
  • Retirement Income Covenant – submissions closed on 15 June 2018
  • Modern Slavery Act (New South Wales) – received Assent on 27 June 2018
  • Financial Services Royal Commission – fourth round of public hearings held from 25 June 2018
  • Asia Region Funds Passport – legislation passed 28 June 2018
  • BEAR – commenced on 1 July 2018 (and commences 1 July 2019 for small and medium ADIs)
  • Treasury Laws Amendment (Banking Measures No. 1) Act – Credit Card Reforms (part) commenced 1 July 2018
  • Crimes Legislation Amendment (Combatting Corporate Crime) Bill 2017 – consultation period for proposed Code of Practice ended on 9 July 2018
  • Introduction of the 'Protecting Your Super Package' – submissions closed on 9 July 2018
  • Asia Region Funds Passport Regulations – submissions closed on 13 July 2018
  • Modern Slavery Act in Australia – submissions closed on 20 July 2018
  • Productivity Commission – review into competition in the Australian financial system – final report expected by 29 July 2018
  • Foreign Financial Service Provider (Modified Licensing Regime) – submissions close 31 July 2018
  • Financial Services Royal Commission – fifth round of public hearings commencing from 6 August 2018
  • Financial Services Royal Commission – sixth round of public hearings commencing from 10 September 2018
  • Financial Services Royal Commission – interim report due 30 September 2018
  • Australian Financial Complaints Authority – commences by 1 November 2018
  • ACCC Mortgage Pricing Inquiry – final report expected by 19 November 2018
  • Financial Services Royal Commission – seventh round of public hearings commencing from 19 November 2018
  • Consumer protection in the banking, insurance and financial sector – report due 15 November 2018
  • Modern Slavery Bill – legislation expected to pass
  • Enhancing whistleblower protections – legislation expected to pass
  • Anti-Money Laundering/Counter-Terrorism Financing – phase 2 underway
  • Monitoring leverage and risk within the superannuation system – report expected
  • Introduction of the MyRetirement framework
  • Superannuation objective – legislation in Parliament
  • Extending crowd-sourced equity funding to proprietary companies – bill in Parliament
  • Strengthening trustee arrangements for registrable superannuation licensees – bill in Parliament


  • Treasury Laws Amendment (Banking Measures No. 1) Act – credit card reforms (remainder) commences 1 January 2019
  • Professional standards of financial advisers – regime to commence 1 January 2019
  • Financial Services Royal Commission – final report due 1 February 2019
  • Open banking data regime – to commence from July 2019
  • Improved consumer outcomes for mortgage broking – ASIC to implement

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