This is ASIC's second publication of insights into trends observed in licensee reports from July 2022 to June 2023

Australian Financial Services Licensees & Credit Licensees will be individually identified on ASIC's dashboard as well as their complaint statistics.

ASIC's allegations revolve around Westpac's purported failure to promptly address customer hardship notices.

ASIC alleged that Fortnum failed to comply with a variety of its obligations to provide services efficiently, honestly and fairly.

These reforms were recommended to improve reference checking in the financial advice and mortgage broking industries.

The Indigenous Financial Services Framework aims to assist First Nations people achieve positive financial outcomes.

Anyone posting financial commentary on social media or online should be aware of the licensing requirements.

Licensees should review ASIC's 2024 enforcement priorities to further enhance compliance processes and procedures.

The increasing significance of compliance professionals in a changing regulatory environment.

Business introduction services enable information sharing between investors, issuers and sellers of financial products.

A Director Identification Number requirement has been implemented and is being phased in for all Australian companies.

Advisers to obtain informed consent before accepting commissions which take effect on 10 July 2025.

The "Experienced Provider Pathway" has been put in place to reshape the qualification requirements for existing financial advisers.

ASIC will also take into account whether a fit and proper person has been the subject of crimes such as serious fraud.

Licensees must be proactive in ensuring that employees and representatives do not engage in hawking financial products.

In 2021, ASIC began accepting new AFSL applications for providers of insurance claims handling and settling services.

AUSTRAC has taken enforcement action against several remittance & DCE providers for failures to comply with reporting obligations within required timeframes.

All licensees should notify ASIC within 10 business days of becoming aware of a change in control.

RG271 outlines requirements for how AFS Licensees deal with complaints under the Internal Dispute Resolution processes.

Licensees who provide retail financial product advice should consider these court comments about conflicted remuneration.