This year all parts of the financial services sector have been affected by change: from banking and lending to payment services, financial advice, insurance, and superannuation.

There has been an increase in the businesses that require a licence (insurance claims handlers and debt management firms) as well as an increase in the obligations of financial services licensees, credit licensees, and responsible superannuation entities.

In October we’ll see changes to the breach reporting regime, as well as the requirement for reference checking for mortgage brokers and financial advisers and the requirement to notify clients of suspected misconduct.

This will go hand in hand with the new product design and distribution obligations, as well as changes to internal dispute resolution.

Here’s a timeline.

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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.