FINANCIAL SERVICES AFSL REGULATORY UPDATES COMING IN TO EFFECT
5 OCTOBER 2021
The Australian Securities Investment Commission
(ASIC) has introduced a number of new rules and
amended others as recommended by the Royal Commission into
Misconduct in the Banking, Superannuation, and Financial Services
Industry. These changes will affect most AFSL holders and will
require them to put updated policies and procedures in place by 5
October 2021.
Key takeaways:
The new regulations for AFS licensees are:
- Design and Distribution Obligations;
- Internal Dispute Resolutions requirements;
- restrictions on the unsolicited selling of financial products
(hawking);
- a deferred sales model for add-on insurance products;
