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ARTICLE · 03 JUNE 2020

Financial services monthly wrap up

Norton Rose Fulbright Australia
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This monthly update includes regulatory responses in the wake of COVID-19 for the funds and financial services sector.

AustraliaFinance and Banking
Jon Ireland
Jon Ireland
Ray Giblett
Ray Giblett
Matthew Farnsworth
Matthew Farnsworth
Stephen Putnins
Stephen Putnins
Anjelica Balis
Anjelica Balis
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With the impact of COVID-19 still being felt, May 2020 has seen further responses from the Federal Government and regulators to address risks, with a particular focus on recovery. Many consultations and reforms have been delayed as a consequence, including the commencement of the design and distribution obligations and recommendations from the Financial Services Royal Commission. APRA has also provided useful information at both an industry and a fund level as to the impact of COVID-19 on the superannuation industry.

ASIC defers the commencement of the design and distribution obligations and mortgage broker reforms

As a result of the significant impact of COVID-19, ASIC announced on 8 May 2020 that it will defer the commencement date of the design and distribution obligations and mortgage broker best interest duty for six months from their original commencement dates. The design and distribution regime was originally due to commence on 5 April 2021 following a

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