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ARTICLE · 25 SEPTEMBER 2024

Regulatory Radar Q2 2024

Gilchrist Connell
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Commentary on various regulatory issues.

AustraliaFinance and Banking
Yvonne Lam
Yvonne Lam
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ASIC's first UCT enforcement action dismissed

In March 2024, the Federal Court of Australia handed down its decision of ASIC v Auto & General, finding in favour of the
insurer, Auto & General. This is ASIC's first enforcement action against an insurer since the unfair contract terms regime was extended to apply to insurance contracts in 2021, that the Federal Court's decision is subject to an appeal by ASIC.

Financial Accountability Regime

In the most recent FAR development, APRA and ASIC have issued a joint Information Paper for all industries to help accountable entities and accountable persons understand and comply with their obligations and provide an overview on how the regulators will jointly administer the FAR.

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