ASIC has released its Enforcement and regulatory update (1 January to 30 June 2024), which sets out recent outcomes in enforcement and regulation.

Its 2024 priorities are:

• Enforcement action targeting poor distribution of financial products
• Misconduct resulting in the systematic erosion of superannuation balances
• Enforcement action targeting gatekeepers facilitating misconduct
• Misleading conduct in relation to sustainable finance including greenwashing
• Insurance claims handling
• Misconduct relating to used car financing to vulnerable customers including brokers, car dealers and finance companies
• High-cost credit and predatory lending practices to consumers and small business
• Compliance with the reportable situation regime
• Compliance with financial hardship obligations
• Member services failures in the superannuation sector
• Conduct impacting small business including small business creditors
• Technology and operational resilience for market operators and market participants

ASIC has also published its updated regulatory developments timetable for the next 6 months which outlines proposed timeframes for ASIC regulatory work, such as the publication of draft or final guidance, anticipated making of a legislative instrument or publication of insights arising from thematic surveillances. The timetable excludes enforcement activities.

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