The recent announcements of consumer credit changes (including to responsible lending) and insolvency law reform will affect your regulatory change planning and preparation.
Here’s a snapshot of key changes coming up (that have been passed or announced) for the rest of 2020 and 2021.
The Government says that by 30 June 2021, legislation for all Financial Service Royal Commission recommendations requiring legislative change will have been introduced into parliament. These changes and other reviews will be implemented in 2021-2022.
Also see ASIC’s timetable of ongoing work.
All of these changes will have an impact on your customers as well as affecting your internal systems and processes. Some, like open banking, will have major technological changes.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
