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2025 regulatory enforcement trends and what they mean for the year ahead
2025 regulatory enforcement trends and what they mean for the year ahead

Protection of consumers, super fund members, insureds

What have been the key regulatory and enforcement developments in Australia in 2025?

In the context of cost of living pressures, regulators remained focused on protecting vulnerable consumers, including superannuation fund members and insureds.1

  • Insurers: regulators maintained their active enforcement agenda, particularly as to claims handling issues, customer complaints and misleading pricing promises. ASIC focused on insurance claims where insurers were said to have failed to respond quickly and fairly.2 It targeted pricing promises, commencing civil penalty proceedings against RACQ, alleging the inclusion of misleading comparison pricing in renewal documents. The ACCC focused on misconduct regarding customer entitlements, commencing civil penalty proceedings against Bupa.3
  • Superannuation: ASIC and APRA emphasised their expectation that superannuation funds continue improving member outcomes and services.4 They focused on death benefit claims handling (with ASIC commencing proceedings against various superannuation funds);5 use of complaints data to identify and address systemic issues; member service failures; compliance with the reportable situations regime; and the protection of superannuation savings.6 APRA also concentrated on fund-level expenditure, requiring several trustees to demonstrate how expenditure items were in members' best financial interests.7
  • Protection of consumers and vulnerable individuals: the ACCC continued its focus on the supermarket and retail sectors, particularly relating to market power and misleading pricing.8 It concentrated on business models designed to avoid consumer credit protections, with enforcement activity targeting used car finance sold to vulnerable consumers in the Money3 case.9

Other key developments in 2025 included:

  • APRA-regulated entities faced uplifts in operational risk management, business continuity and service provider management obligations, under Operational Risk Management Prudential Standard 230 (CPS 230), effective July 2025.10 
  • The Scams Prevention Framework Act 2025 (Cth) was passed and is expected to come into effect progressively during 2026.
  • The Financial Accountability Regime in relation to insurance and superannuation commenced from March 2025.
  • The fallout from the collapse of the Shield Master Fund and First Guardian Master Fund continued to be the focus of much of ASIC and APRA's attention, with ASIC commencing enforcement proceedings against various entities and individuals. More broadly, this has reflected, and led to, a heightened regulatory focus on the protection of superannuation savings, investment governance practices and platform products. 
  • ASIC conducted surveillance of private credit and equity funds, focusing on governance, valuation practices, liquidity, conflicts of interest, fees, disclosure and distribution.11  
  • It has identified areas of concern, and outlined a roadmap for the next 12–18 months covering public and private markets (including superannuation), focusing on strengthening market integrity.
  • ASIC concluded its multi-year focus on greenwashing, though it has emphasised that promises to investors by its regulated entities about where their funds will be directed must be honoured, and enforcement proceedings regarding greenwashing continue to filter through the courts.12 

What are the likely regulatory and enforcement developments in Australia in 2026?

  • ASIC's next focus area in its superannuation trustees review is the use of complaints data to identify and address systemic issues affecting members.13 This will probably be influenced by the imminent decision in the TelstraSuper case about compliance with internal dispute resolution requirements. 
  • The Scams Prevention Framework is likely to come into effect for the banking, telecommunications and digital platforms sectors, imposing obligations to prevent, detect, dispute, report, and to respond to scams proactively.14 
  • The Government is intending to amend the Australian Consumer Law to introduce a ban on unfair trading practices, including drip pricing, subscription traps and manipulative digital marketing.15 
  • APRA plans to release the results of its Insurance Climate Vulnerability Assessment, focusing on the impact of climate change on insurance affordability.16 
  • It also plans to release a draft update to its governance prudential standards, aiming to modernise the prudential framework for governance for banks, insurers and superannuation trustees.17 APRA will, too, commence reviews of regulated entities for compliance with CPS 230, and continue its focus on superannuation trustee expenditure.18
  • ASIC and APRA will continue their ongoing work monitoring the implementation of the retirement income covenant.19 Further reforms in this area may follow the Treasury's consultations regarding voluntary best practice principles for retirement income solutions and the introduction of a 'Retirement Reporting Framework'.
  • The Insurance Council of Australia is redrafting the General Insurance Code of Practice, including to clarify obligations and to strengthen support for vulnerable customers following major disaster events.20

Who are the key regulators in relation to this area?

ASIC, ACCC, ACMA, and APRA.

What are the key sectors of focus?

Superannuation funds, insurers, banks, supermarkets, energy, telecommunications, technology and digital platforms, and gaming entities.

Footnotes

  1. See eg 24-252MR ASIC announces new enforcement priorities with a focus on cost of living pressures | ASIC.

  2. Home insurance claims handling improvements need to go further, ASIC says | ASIC.  

  3. Being Australian Securities and Investments Commission v RACQ (Federal Court, QUD669/2025, commenced 22 September 2025) and Australian Securities and Investments Commission v Bupa HI Pty Ltd (Federal Court, VID828/2025, commenced 30 June 2025).  

  4. 25-273MR ASIC announces 2026 enforcement priorities | ASIC.  

  5. Eg Australian Securities and Investments Commission v United Super Pty Ltd [2025] FCA 1453; Australian Securities and Investments Commission v AustralianSuper Pty Ltd (ACN 006 457 987) (Federal Court, VID289/2025, commenced 11 March 2025).  

  6. See eg Australian Securities and Investments Commission v United Super Pty Ltd [2025] FCA 1453, Australian Securities and Investments Commission v TelstraSuper,Pty Ltd ACN 007 422 522 (Federal Court, VID926/2023, commenced 3 November 2023); Australian Securities and Investments Commission v Mercer Superannuation (Australia) Ltd (Federal Court, VID1039/2025, commenced 14 August 2024); Australian Securities and Investments Commission v Equity Trustees Superannuation Limited (ACN 055 641 757) In Its Capacity As Trustee Of The AMG Superannuation Fund and Super Simplifier (Federal Court of Australia, VID1107/2025, commenced 26 August 2025), Australian Securities and Investments Commission v Macquarie Securities (Australia) Limited CAN 002 832 126 (Supreme Court of New South Wales, 2025/00184008, commenced 14 May 2025); Australian Securities and Investments Commission v Diversa Trustees Limited (ACN 006 421 638) (Federal Court, VID1614/2025, commenced 8 December 2015).  

  7. Expenditure outcomes: putting members' best financial interests first | APRA.  

  8. compliance-enforcement-priorities-2025-26-thumb.pdf  

  9. ASIC enforcement priorities | ASIC; ASIC’s responsible lending case against Money3 stalls on most issues.

     

  10. APRA Corporate Plan 2025-26 | APRA. 

  11. Report REP 821 Private capital market reporting: Global practices and lessons; Report 820; Report 822; Report 823.  

  12. The power and purpose of enforcement | ASIC; Australian Securities and Investments Commission v LGSS Pty Ltd (No 3) [2025] FCA 205; Australian Securities and Investments Commission v Fiducian Investment Management Services Limited ABN 28 602 441 814 (Supreme Court of New South Wales, 2025/379274, commenced 2 October 2025).  

  13. The decision in Australian Securities and Investments Commission v TelstraSuper,Pty Ltd ACN 007 422 522 (Federal Court, VID926/2023, commenced 3 November 2023), which concerned, among other things, Telstra Super's compliance with its own internal dispute resolution procedures, is currently reserved and we anticipate that it will be handed down in 2026.  

  14. Scams Prevention Framework | Draft law package and position paper.  

  15. Stopping unfair trading: subscription traps and hidden fees targeted | Treasury Ministers.  

  16. APRA Corporate Plan 2025-26 | APRA

  17. Governance review update | APRA; APRA revises governance proposals following industry consultation | APRA.

  18. APRA Corporate Plan 2025-26 | APRA. 

  19. APRA Corporate Plan 2025-26 | APRA. 

  20. New insurance Code of Practice to deliver for consumers - Insurance Council of Australia.