Financial Services and Credit Monthly Update September 2026

CONSUMER PROTECTION

ABA updates industry guideline on financial abuse

The Australian Banking Association (ABA) has released an updated industry guideline to help banks detect, prevent and respond to financial abuse. It consolidates guidance on financial abuse, elder abuse, and family and domestic violence and supports the Banking Code of Practice. Key changes address customers experiencing vulnerability, safety by design, staff training, small business lending as a channel for abuse, third-party authorities, and safer disclosure and communication processes.

ACCC and AFP strengthen information sharing to combat scams

The Australian Competition and Consumer Commission (ACCC) and Australian Federal Police (AFP) have signed a Memorandum of Understanding to improve information sharing about scams, including data held by the ACCC’s National Anti-Scam Centre. The additional data will support scam disruption, including removal of scam website URLs, and AFP investigations. Scammers stole approximately $2.18 billion from Australian consumers in 2025.

AFCA and TIO strengthen cooperation on scam complaints

The Australian Financial Complaints Authority (AFCA) and Telecommunications Industry Ombudsman (TIO) have signed a Memorandum of Understanding (MoU) ahead of the Scams Prevention Framework (SPF). It provides for information sharing, regular engagement and complaint referrals to direct matters to the appropriate scheme and avoid duplication. The SPF expands AFCA’s jurisdiction to eligible scam complaints involving banks, telecommunications companies and digital platforms. AFCA’s multi-party service commences on 31 March 2027.

CORPORATE

ASIC consults on future access to companies register information

The Australian Securities and Investments Commission (ASIC) is seeking feedback on how company information should be accessed in the future, following recent reforms to Australia’s business registry framework. ASIC is proposing to make more information available free of charge, including officeholder names and status, director ID numbers and whether a director has confirmed their director ID. Under the proposal, access to company information would be tailored according to user type, with different access settings applying to general users, companies, businesses and government agencies. Residential addresses and other sensitive personal information would be restricted to certain verified business users.

ASIC has proposed that, from 1 July 2027, officeholders’ year of birth, residential locality and service address would become available to all registry users, with broader access arrangements expected to be fully implemented from 1 August 2028 following a transition period. Submissions on the consultation are due by 12 October 2026, and ASIC expects to announce its final position in early 2027.

ASIC consolidates reporting and auditing relief instruments

ASIC has made the ASIC Corporations (Annual and Half-year Reporting) Instrument 2026/468 and ASIC Corporations (Auditing) Instrument 2026/469, consolidating 17 relief instruments on financial and sustainability reporting and auditing. ASIC says there are no substantial policy changes. The reporting instrument consolidates 14 instruments for companies, registered schemes, registrable superannuation entities, retail corporate collective investment vehicles (CCIVs) and disclosing entities. The auditing instrument consolidates three instruments concerning CCIV auditors, auditor independence and audit relief. ASIC will update relevant forms and guidance.

ASIC remakes financial reporting relief for wholly-owned companies

ASIC has remade financial reporting relief for eligible wholly-owned companies through the ASIC Corporations (Wholly-owned Companies) Instrument 2026/533. The instrument continues existing relief from financial reporting requirements under Chapter 2M of the Corporations Act 2001 (Cth) (Corporations Act) where relevant conditions are met, including that the company is party to a deed of cross guarantee with its holding company and other group entities and the holding company lodges consolidated financial statements for the group. The instrument maintains the existing relief while broader reforms to group reporting relief are progressed. Eligibility conditions remain consistent and savings provisions apply, meaning companies do not need to take action solely because the instrument has been remade.

COMPETITION

Consultation on ban on non-compete clauses

The Federal Government has released draft legislation to ban non-compete clauses for workers earning below the current Fair Work Act 2009 (Cth) high-income threshold of $190,100. It is also consulting on co-worker non-solicitation clauses, no-poach and wage-fixing arrangements, cascading restraints, and safeguards for legitimate business interests. Submissions close on 2 October 2026.

DIGITAL ASSETS

ASIC issues final warning on digital asset licensing transition

ASIC has reminded digital asset businesses relying on its sector-wide no-action position to apply for, or vary, the required Australian financial services (AFS) licence by 30 September 2026. Firms needing an Australian market licence or clearing and settlement facility licence must also notify ASIC and hold a pre-application meeting by then. From 1 October 2026, businesses outside the conditions risk civil and criminal penalties.

ASIC said it has received more than 45 licence applications since updating its digital assets guidance in October 2025. The regulator described the end of its transitional relief arrangements as a key step in bringing digital asset businesses into a regulated environment ahead of the commencement of the Corporations Amendment (Digital Assets Framework) Act 2026 (Cth) on 9 April 2027. ASIC noted that many existing authorisations will continue to be relevant under the new framework and that further guidance, standards and consultation will be released as part of the implementation process.

ESG

ASIC finds improvement in statutory sustainability reporting

ASIC has published its findings from a review of 40 sustainability reports, observing marked improvements in the quality, quantity and consistency of climate-related financial disclosures compared with previous voluntary reporting. ASIC identified areas for further development, particularly forward-looking disclosures and disclosures involving assumptions or judgement, including those relating to strategy, metrics and targets.

ASIC has outlined eight practical action items for entities preparing sustainability reports and expects reporting practices to continue developing as entities gain experience and additional information becomes available. In 2026–27, ASIC will review a sample of reports lodged by Group 1 entities with financial years ending 30 June 2026 and engage with large audit firms on sustainability assurance methodologies. ASIC is also engaging with the Treasury on potential reforms to improve the efficiency of climate-related financial disclosure requirements.

FINANCIAL MARKETS

ASIC finalises guidance on financial market infrastructure reforms

ASIC has finalised updates to three regulatory guides reflecting the enhanced financial market infrastructure framework under the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Act 2024 (Cth): Regulatory Guide 172 (RG 172) for financial market operators, Regulatory Guide 249 (RG 249) for derivative trade repositories and Regulatory Guide 268 (RG 268) for financial benchmark administrators. ASIC made only minor editorial changes to RG 172; RG 249 and RG 268 are unchanged from consultation. Regulatory Guide 211 on clearing and settlement facilities will be updated separately.

ASIC strengthens safeguards for automated and AI-enabled trading

ASIC has amended its Market Integrity Rules (MIRs) for automated and AI-enabled trading. The technology-neutral amendments modernise controls for trading systems and algorithms, align requirements for manual and automated orders, clarify the false or misleading trading rule, and better align securities and futures market requirements.

The amended MIRs will take effect in 2028 following an 18-month transition period. ASIC is also consulting on updates to Regulatory Guide 265 Guidance on ASIC market integrity rules for participants of securities markets and Regulatory Guide 266 Guidance on ASIC market integrity rules for participants of futures markets to reflect the new rules, consolidate relevant guidance from Regulatory Guide 241Electronic Trading (RG 241) and simplify existing guidance. RG 241 is proposed to be withdrawn. Submissions on the proposed guidance close on 5 November 2026.

ASIC extends market relief for exchange-traded derivatives and securities

ASIC will continue four forms of regulatory relief supporting Australia’s exchange-traded derivatives and securities markets for a further five years. The relief covers disclosure requirements for certain exchange-traded derivatives, recognition of securities transferred through New Zealand’s NZCDC Legal Title Transfer system, transfers of foreign company securities quoted on declared financial markets, and substantial holding requirements associated with securities lending arrangements.

ASIC calls for higher standards in private credit

In a speech to the Commercial & Asset Finance Brokers of Australia, ASIC Commissioner Simone Constant called for stronger private credit governance, controls and underwriting. ASIC’s surveillance found shortcomings in credit and default management, independent loan assessment, liquidity stress testing, valuations, conflicts management, fee and cost disclosure and transparency. Participants should assess their practices against ASIC’s 10 principles of “private credit done well” and embed them in board and investment committee decisions.

ASIC continues to surveil wholesale and retail private credit funds, focusing on valuations, liquidity mismatches, complex structures, conflicts, disclosure and distribution. Further findings are expected in coming months. Poor practices are an enforcement priority, with multiple investigations underway, and ASIC warned participants to improve or prepare for regulatory action.

RBA identifies continuing shortcomings in ASX clearing and settlement facilities

The Reserve Bank of Australia (RBA) has released its 2026 assessment of the ASX clearing and settlement (CS) facilities against the RBA’s Financial Stability Standards. While many standards were assessed as “observed” or “broadly observed”, one or more facilities were assessed as “partly observed” against standards relating to governance, comprehensive risk management, credit risk and operational risk. The RBA noted that ASX has established a Transformation Portfolio to address longstanding shortcomings in governance, capability, culture and risk management.

ASIC extends relief supporting efficient financial markets

ASIC has remade three legislative instruments that were due to sunset in October 2026 for a further five years, continuing relief relating to the Austraclear settlement system, directors’ interest disclosures and record-keeping for dealings on foreign markets. ASIC made minor amendments to improve clarity and simplify drafting. The substantive relief has not materially changed.

ASIC increases low-volume financial market transaction threshold

ASIC has remade relief exempting low-volume financial markets from the requirement to hold an Australian market licence, increasing the annual transaction value threshold from $1.5 million to $2.5 million. The ASIC Corporations (Low Volume Financial Markets) Instrument 2026/756 continues the existing relief for a further five years, until 1 October 2031.

FINANCIAL PRODUCTS

Consultation on enhanced data collection for managed investment schemes

The Federal Government is consulting on proposals to improve regulatory data collection for managed investment schemes (MISs). The consultation proposes enhancing the information collected when an MIS is registered, introducing recurring data collection for registered MISs, and improving regulatory visibility of unregistered MISs which are not currently subject to the same level of data collection.

The consultation also seeks feedback on opportunities to rationalise existing data collections and reduce compliance burden, as well as the costs, benefits and implementation considerations associated with the proposals. The consultation follows the Government’s $10.3 million investment in ASIC’s data capabilities in the 2026–27 Budget. Submissions close on 23 October 2026.

ASIC remakes managed investment scheme relief instruments

ASIC has remade six legislative instruments providing regulatory relief for MISs that were due to expire on 1 October 2026. The replacement instruments cover serviced apartment and property rental schemes, charitable investment fundraising, school enrolment deposits, horse schemes and attribution managed investment trusts. The new serviced apartment and property rental scheme instrument consolidates previous instruments into a single instrument. The instruments provide various forms of relief from MIS, licensing, disclosure, hawking and other requirements under the Corporations Act, depending on the relevant arrangement.

ASIC remakes dollar disclosure and general advice relief

ASIC has issued two replacement legislative instruments covering dollar disclosure requirements and general financial product advice provided in certain exempt documents. The ASIC Corporations (Disclosure in Dollars) Instrument 2026/719 provides exemptions from requirements to disclose certain information in Australian dollars in Product Disclosure Statements, Statements of Advice and periodic statements. The replacement instrument also extends the dollar disclosure exemptions to certain risk products provided by discretionary mutual funds.

The ASIC Corporations (Financial Product Advice – Exempt Documents) Instrument 2026/718 provides licensing relief for entities giving general financial product advice in certain exempt documents, including explanatory statements for foreign schemes of arrangement and offer documents for control transactions regulated in specified foreign markets. The instruments replace existing relief that was due to expire on 1 October 2026.

FINANCIAL SERVICES

ASIC releases 2026–27 supervisory priorities

ASIC has published its 2026–27 supervisory priorities for banking, superannuation, general insurance, life insurance and financial markets. The sector letters are intended to provide greater visibility and reduce duplication, with ASIC coordinating with the Australian Prudential Regulation Authority (APRA) and other regulators.

For banking, ASIC will review the use of AI in customer-facing activities and lender conduct practices, including incentives, referrer arrangements and broker oversight, while maintaining its focus on outcomes for customers experiencing financial difficulty. Other priorities include superannuation member services, advice fee deductions and retirement; claims management practices in general insurance; funeral insurance and service issues in life insurance; and market integrity, innovation and resilient infrastructure across public and private markets.

ASIC updates relief for managed discretionary account providers

ASIC has issued the ASIC Corporations (Managed Discretionary Account Services) Instrument 2026/720, continuing relief for managed discretionary account (MDA) providers and external custodians without substantive change. Adjustments move some financial services guide content to the investment program, extend notice of non-compliance from 10 to 30 days, and phase out quarterly reporting where investors have electronic account access. ASIC also updated Regulatory Guide 179 Managed discretionary accounts.

FINANCIAL SYSTEM

Consultation on allocation of 2026–27 CSLR special levy

The Treasury is consulting on the proposed allocation of the 2026–27 Compensation Scheme of Last Resort (CSLR) special levy. The CSLR operator’s revised estimate for the personal financial advice sub-sector exceeds the $20 million levy cap, resulting in a projected shortfall of $170.3 million. The Assistant Treasurer and Minister for Financial Services has announced that the CSLR waterfall framework will apply to the special levy and asked the Treasury to consult on the proposed allocations. Submissions close on 6 October 2026.

Government releases Financial Innovation Strategy

The Federal Government has released its Financial Innovation Strategy to support innovation while maintaining consumer protection, market integrity and financial stability. It identifies AI, digital money, tokenisation, data sharing and payments infrastructure as key drivers and proposes a Financial Innovation Committee, regulatory sandbox reforms and support for testing emerging technologies and market infrastructure. Its guiding principles are government leadership, proportionate regulation and public-private collaboration.

Government backs overhaul of regulatory sandbox

The Federal Government has released its response to the independent review of the Enhanced Regulatory Sandbox, agreeing to reform the existing framework and supporting closer integration of sandbox arrangements with ASIC’s broader licensing, supervision and innovation functions. It also supports industry-led initiatives to improve understanding of regulatory requirements and the development of thematic sandboxes targeting emerging technologies and sectors. The Federal Government also supports industry taking a leading role in improving understanding of regulatory requirements among new entrants and innovative firms.

PAYMENTS

RBA consults on settlement infrastructure for tokenised markets

The RBA has launched a consultation on the role of the Reserve Bank Information and Transfer System (RITS) in supporting settlement within a tokenised financial ecosystem. The consultation seeks views on how the RBA’s settlement services could support the development of tokenised asset markets and tokenised private money in Australia while maintaining safety, efficiency and financial stability. Submissions closes on 30 October 2026.

Alongside the consultation, the RBA and the Treasury released an update on the case for a retail central bank digital currency (CBDC). The report concludes that Australia’s retail payments system is currently serving consumers and businesses well and that there is no clear public interest case for a retail CBDC at this time, consistent with earlier conclusions reached in 2024.

Industry launches guidance ahead of card surcharge ban

The Australian Payments Network (AusPayNet), together with eftpos, Mastercard and Visa, has launched a new information resource to support consumers and businesses ahead of the introduction of Australia’s new card surcharge rules on 1 October 2026. From that date, scheme rules will prevent businesses imposing payment surcharges on eftpos, Mastercard and Visa transactions. The changes will apply to in-store, online and digital transactions, including cards used through mobile wallets, and will cover debit, credit, prepaid, commercial and corporate cards.

To assist with implementation, the industry has launched cardsurcharge.com.au, which provides guidance on the new rules, their application across different card types and payment channels, and the steps businesses should take to prepare. The new rules apply only to card payment surcharges and do not affect fees that apply independently of the payment method. Businesses have been encouraged to review pricing arrangements, remove card-specific surcharges and test payment systems before the changes commence.

Linfox Armaguard designated under new cash distribution framework

The RBA has designated Linfox Armaguard Pty Ltd (Linfox Armaguard) under the Cash Distribution Framework Act 2026 (Cth) (CDF Act), the first entity subject to the regime. The CDF Act commenced on 27 August 2026 to support access to cash. Linfox Armaguard must negotiate in good faith, comply with dispute resolution and arbitration, maintain service agreement records, report to the ACCC and obtain approval for standard terms. The ACCC may approve standard agreements, set service levels and issue interim directions.

In related news, the ACCC is consulting on a proposed undertaking from Linfox Armaguard concerning interim pricing, service offerings and national coverage for cash distribution services, as well as third-party access to cash centres. Submissions close on 16 October 2026.

ACCC authorises regional multi-bank ATM trial

The ACCC has granted authorisation to the ABA and other financial institutions to conduct a trial of multi-bank regional ATMs. Under the trial, anyone with an Australian-issued card will be able to make fee-free cash withdrawals from participating regional ATMs. Customers of participating banks will also be able to make fee-free cash deposits once the relevant functionality becomes available. The ACCC has granted the authorisation for three years, until 9 October 2029.

PRIVACY AND DATA

Government consults on major privacy law reforms

The Federal Government has released draft “Tranche 2” privacy reforms. They include a fair and reasonable test for collecting and using personal information, a right to erasure for information held by large digital platforms, stronger consent standards, and restrictions on trading personal information without clear permission. The proposals address risks from AI, wearable devices and increased data collection.

The Federal Government has also proposed measures to improve regulatory clarity and the efficiency of the Office of the Australian Information Commissioner (OAIC). The consultation builds on the Privacy Act Review process and earlier privacy reforms enacted in 2024. Submissions closed on 18 September 2026. See our blog article for a deeper dive.

OAIC releases guidance on transparency for automated decision-making

The OAIC has released new resources to help entities comply with automated decision-making transparency requirements commencing on 10 December 2026. Under the Australian Privacy Principle (APP) 1.7, entities must include additional information in their privacy policies where personal information is used by a computer program to make, or substantially and directly inform, decisions that could reasonably be expected to significantly affect an individual’s rights or interests.

Where the requirements apply, APP 1.8 requires the privacy policy to describe the kinds of personal information used and the kinds of relevant decisions made or informed by the computer program. The OAIC has published fact sheets, a flowchart and updated APP 1 Guidelines to support compliance.

PRUDENTIAL

APRA and ASIC consult on streamlining the Financial Accountability Regime

APRA and ASIC have commenced consultation on proposals to streamline aspects of the Financial Accountability Regime (FAR). The proposed changes include removing key functions requirements from the FAR regulator rules and eliminating the requirement to include information about accountable persons’ direct reports in accountability maps. The regulators said the changes are intended to reduce compliance burdens while ensuring they continue to receive the information needed to oversee the regime.

APRA and ASIC estimate the reforms would reduce reporting requirements for all accountable entities and approximately 4,500 accountable persons, while halving the number of updates required to accountability maps. Subject to consultation feedback, the regulators intend to finalise the changes by the end of 2026, with the reforms expected to take effect from early 2027.

APRA outlines progress on simplifying the prudential framework

APRA has outlined progress under its “Getting the balance right” agenda to reduce unnecessary burden while maintaining prudential standards. Eight of nine initiatives in its 2025–26 Corporate Plan are expected to be finalised by the end of 2026. Measures include proportional licensing for banks, changes to annuity capital requirements, broader reinsurance access, simpler governance, reduced reporting duplication, targeted bank credit risk reforms, harmonised Australian and New Zealand bank capital rules, FAR burden reduction and broader policy simplification. APRA is also increasing regulatory coordination and data sharing and aims for its 2026–27 simplification measures to broadly offset new regulatory burdens.

APRA updates guidance for Economic and Financial Statistics collection

APRA has updated reporting practice guides RPG 701.0 ABS/RBA Reporting Concepts for the Economic and Financial Statistics (EFS) Collection (RPG 701.0) to consolidate its EFS guidance into a single resource. The updated guide incorporates all EFS frequently asked questions previously published separately on APRA’s website, including updated guidance on identifying central borrowing authorities, and the existing standalone FAQs will be retired. The updated RPG 701.0 also includes new guidance on the treatment of set-off accounts in section 1.20 and has been reformatted to improve accessibility and navigation. The revised guidance applies to authorised deposit-taking institutions and registered financial corporations.

APRA improves access to prudential material on its website

APRA has introduced further enhancements to its website following stakeholder feedback. Users can now download PDF versions of prudential standards and prudential practice guides directly from the APRA website, rather than navigating to other websites. Reporting standards will continue to link to the Federal Register of Legislation for PDF versions. APRA has also enhanced its website search functionality by introducing autocomplete suggestions and making changes intended to improve the accuracy and relevance of search results. The improvements follow the relaunch of APRA’s website in June 2026.

SUPERANNUATION

APRA and ASIC discuss AI, cyber risk and resilience with superannuation CEOs

APRA and ASIC have published insights from June 2026 superannuation CEO roundtables on frontier AI, cyber security, operational resilience and crisis preparedness. Participants noted AI’s role in accelerating cyber threats and emphasised strong controls, governance, board capability, third-party oversight and industry collaboration. They also considered simultaneous disruptions, climate reporting, financial advice reform and AI-enabled consumer interaction.

APRA issues revised retirement reporting framework for consultation

APRA has released revised draft standards for the Federal Government’s Retirement Reporting Framework and responded to the initial consultation. The framework aims to improve transparency about trustees’ support for members in retirement and the retirement income system. APRA has streamlined data requirements, refined methodologies and definitions, and developed a reporting practice guide. Submissions are due by 9 October 2026. Subject to finalisation in 2026, data collection should begin in late 2027 and the first indicators be published in 2028.

ACCC authorises cyber and financial crime information sharing in superannuation

The ACCC has granted conditional authorisation to the Association of Superannuation Funds of Australia Ltd and other specified participants to collectively negotiate and exchange information through cyber and financial crime information-sharing platforms. The arrangements are intended to support the identification of and response to cyber and financial crime threats across the superannuation industry. The authorisation is subject to a condition and will operate for five years, until 9 October 2031.

APRA proposes stronger superannuation investment governance requirements

APRA has proposed stronger investment governance for superannuation trustees following its 2025 review of platforms. Trustees would set and enforce member-level limits for higher-risk investments, strengthen conflict management, and maintain oversight capabilities proportionate to their investment menus. APRA also proposes stronger requirements for onboarding, monitoring, remediation, valuations and accountability. The changes apply to all trustees but principally affect platform trustees. Submissions close on 3 February 2027, with commencement proposed for 1 January 2028.

TAXATION

Exposure draft legislation for discretionary trust minimum tax

The Federal Government has released exposure draft legislation to implement the minimum tax on discretionary trusts announced in the 2026–27 Budget. The draft legislation includes measures intended to reduce restructuring costs, including a new option allowing discretionary trusts to be exempt from the minimum tax where they elect to make fixed distributions to pre-nominated beneficiaries, without requiring a restructure. The draft also confirms that a range of entities and income types will be excluded, including charitable trusts, special disability trusts, superannuation funds, primary production income, certain income relating to vulnerable minors, deceased estates and testamentary trusts established for genuine testamentary purposes.

The draft legislation also includes a new definition of fixed trusts, expanded roll-over relief available for three years from 1 July 2027, and rules relating to refunds of franking credits associated with income subject to the minimum tax. The Federal Government estimates that fewer than 10% of Australia’s 2.7 million active small businesses will be affected in any given year. The consultation closed on 18 September 2026.

Draft legislation for innovation and investment tax reforms

The Federal Government has released exposure draft legislation to implement a package of tax reforms designed to support innovation and investment. The draft includes the new Innovative Business CGT Concession, which would provide concessional capital gains tax treatment for eligible investors in innovative start-ups. The proposal includes a 15-year eligibility requirement for qualifying businesses, a $50 million turnover threshold and innovation criteria, with investors required to hold eligible equity for at least three years before disposal.

The exposure draft also contains reforms to the R&D Tax Incentive from 1 July 2028, including increased offsets for core R&D activities, a lower intensity threshold for access to higher non-refundable offsets, and an increase to the maximum expenditure threshold on the non‑refundable offset to $200 million. Access to the refundable offset would generally be limited to firms operating for less than 10 years, although biotechnology and medical technology firms would be eligible for up to 15 years. The package also includes draft legislation covering electric vehicle fringe benefits tax changes and monthly pay as you go instalment reporting. The draft materials also include proposed changes to venture capital tax incentives from 1 July 2027. Consultation closed on 28 September 2026.

AML/CTF

Consultation on lowering stored value card AML/CTF thresholds

The Department of Home Affairs has commenced consultation on proposed changes to the anti-money laundering and counter-terrorism financing (AML/CTF) framework for stored value cards. The consultation focuses on revising the monetary thresholds that determine when the issuance and loading of stored value cards become regulated under the AML/CTF regime. Currently, cards that permit cash withdrawals are subject to a $1,000 threshold, while cards that do not permit cash withdrawals are subject to a $5,000 threshold.

The consultation has been prompted by changes in stored value card functionality, international moves towards lower thresholds and instances of misuse involving high-volume, low-value fraud. The Federal Government is seeking feedback on possible reforms, including reductions to the existing thresholds through legislative or regulatory changes. Submissions are open until 16 October 2026.

DISPUTES AND ENFORCEMENT

AFCA welcomes new members ahead of expanded scams role

AFCA has welcomed 118 new organisations as members under the SPF, including 99 telecommunications providers and 16 digital platforms. New members include major telecommunications providers and digital platforms, while most banks covered by the SPF were already AFCA members. Designated organisations were required to become AFCA members following the 1 September 2026 membership deadline. From 31 March 2027, AFCA will be able to consider scam complaints against designated organisations under the SPF, including complaints involving multiple organisations. AFCA is also consulting on amendments to its Rules governing how it will deal with multi-party disputes under the new framework.

AFCA publishes 2026–27 Approach consultation schedule

AFCA has finalised its Approach consultation schedule for 2026–27 following public consultation. AFCA will consult on an updated Approach to awarding interest in insurance complaints and develop a new Approach to credit reporting for banking and finance complaints. AFCA anticipates commencing consultation on its updated insurance Approach in Q2 of 2026-27 financial year and work on the new credit reporting Approach in Q4.

AUSTRAC begins enforcement action against non-enrolled businesses

The Australian Transaction Reports and Analysis Centre (AUSTRAC) has begun issuing infringement notices to businesses that it believes failed to enrol as required under AML/CTF laws. The notices follow information requests issued in August 2026 to businesses that appeared to be providing designated services without being enrolled. AUSTRAC has issued notices to businesses in the real estate, accounting and jewellery sectors for allegedly failing to enrol within 28 days of providing a designated service.

The infringement notices were issued at $21,840 for corporate entities and $4,368 for individuals and can accrue daily. AUSTRAC said around 90% of the businesses initially identified with potential enrolment issues have since enrolled or attempted to enrol, but warned that further infringement notices will be issued where necessary.

AUSTRAC removes 45 remittance and virtual asset businesses

AUSTRAC has cancelled, suspended or refused to renew 45 remittance and virtual asset service provider (VASP) registrations over the past year. Action targeted businesses that were inactive, insolvent, lacked capacity, failed to maintain registrations or report material changes, or presented significant money laundering or terrorism financing risks. AUSTRAC also highlighted work with the National Anti-Scam Centre concerning BA Digital Ventures Pty Ltd, trading as GetCoins, after organised cryptocurrency investment scams exploited the business.

ACCC outlines future enforcement priorities

At the 2026 Law Council Australia Competition and Consumer Workshop, ACCC Commissioner Luke Woodward said the regulator’s enforcement strategy targets conduct harming competition, consumers and markets. Evolving business models, digital technologies and consumer engagement require adaptable enforcement. Recent action has addressed misleading conduct, environmental claims, unfair contract terms, product safety, anti-competitive conduct and cartels.

Cartels remain a core ACCC priority, alongside subtler coordination, restrictive arrangements and conduct impeding market access or competition. In consumer protection, the ACCC expects greater use of unfair trading practices laws and closer scrutiny of systems, incentives and governance that drive harmful conduct, particularly in digital markets. It will also examine online manipulation, including dark patterns and social proofing.

Scams and governance failures dominate ASIC misconduct reports

ASIC received 9,807 misconduct reports between 1 January and 30 June 2026. Retail investor issues and governance failures comprised more than four in five reports; 170 assisted existing surveillance or investigations and 351 were linked to broader matters. Scams represented nearly one in five reports. Public reporting also identified pump-and-dump scams, unlicensed financial services, insolvency concerns, creditor-defeating transactions, whistleblower victimisation and failures to obtain director identification numbers.

Government responds to ASIC enforcement inquiry

The Federal Government has responded to the Senate Economics Committee’s ASIC enforcement inquiry. It rejected recommendations to separate ASIC’s regulatory, enforcement and registry functions, mandate investigation and enforcement targets, expand public reporting, alter governance and oversight, or replace industry funding. The Government considers ASIC’s structure, funding and accountability appropriate and noted recent funding increases.

The Federal Government also noted proposals relating to whistleblower incentives and compensation and indicated that these issues will be considered as part of the Treasury’s statutory review of Australia’s whistleblower frameworks.

APRA takes action over ING Australia liquidity breaches

APRA has taken regulatory action against ING Bank (Australia) Limited (ING) after identifying material breaches of prudential liquidity requirements. APRA found that ING breached minimum liquidity requirements on multiple occasions and determined that the bank had weaknesses in its liquidity risk management framework, governance and controls. As part of the action, APRA has required ING to implement a remediation program to strengthen its liquidity risk management practices and has maintained a $50 million capital add-on until it is satisfied that the underlying prudential concerns have been effectively addressed.

APRA concludes enforceable undertaking with OnePath Custodians

APRA has confirmed that OnePath Custodians Pty Limited (OnePath) has fulfilled all obligations under its court-enforceable undertaking and that the undertaking has now been concluded. The undertaking was accepted in July 2024 after OnePath committed to address compliance deficiencies and compensate affected members following failures to direct default member contributions to a MySuper product.

Court penalises CashnGo for unfair contract terms

The Federal Court has ordered Venture 5 Group Pty Ltd, trading as CashnGo (CashnGo) to pay a $3.5 million penalty for using and relying on unfair contract terms in its small amount credit contracts. CashnGo admitted that, after a borrower missed a repayment, its contracts allowed automated monitoring of customer bank accounts and repeated withdrawals of funds as soon as money became available, without prior notice and without giving customers the ability to opt out. The Court found those terms to be unfair and ordered that they be replaced from 14 September 2026 with terms allowing consumers to opt out of the withdrawal practice.

Federal Court finds Choosi misled consumers about insurance comparisons

The Federal Court has found Choosi Pty Ltd (Choosi) misled consumers about funeral and life insurance comparisons. From July 2019, funeral insurance comparisons were limited to one insurer, Hannover Life Re of Australasia Ltd (Hannover). Life insurance comparisons were also predominantly Hannover products, with one other insurer available for part of the period.

ASIC alleged that more than 13,000 funeral and life insurance policies were sold through the comparison service between July 2019 and November 2024. The Court found that Choosi’s website and advertising gave consumers the impression that they were receiving the benefit of a meaningful comparison across the market when this was not the case. The matter will return to the Court at a later date for consideration of penalties and other relief sought by ASIC.

Three super funds penalised over misleading investment disclosures

ASIC has issued six infringement notices totalling $118,800 to the trustees of three superannuation funds after identifying alleged false or misleading statements about investment options on trustee websites. ASIC’s review identified concerns that the funds had published inaccurate information about the composition, investment strategy or return objectives of particular investment options. The regulator alleged that some disclosures overstated exposure to particular asset classes or incorrectly described investment objectives and strategic asset allocations.

ASIC sues lead generation business over alleged misleading comparison claims

ASIC has commenced Federal Court proceedings against Clark Family Pty Ltd (Clark Family), alleging that it misled consumers about comparison services offered through up to 70 websites between September 2020 and September 2026. ASIC alleges the websites represented that consumers could compare rates, quotes and options from multiple lenders and insurers and receive recommendations tailored to their needs and circumstances.

ASIC contends that Clark Family did not compare financial products or provide tailored recommendations. Instead, ASIC alleges that consumer enquiries were sold through an internal bidding process, with the highest-bidding broker receiving the lead and contacting the consumer directly. ASIC alleges that this conduct contravened sections 12DB and 12DF of the Australian Securities and Investments Commission Act 2001 (Cth) (the ASIC Act) and is seeking declarations, pecuniary penalties, an adverse publicity order and injunctive relief.

Fundo Loans pays $19,800 infringement notice over ‘no credit check loans’ claim

ASIC has issued a $19,800 infringement notice to Fundo Loans Pty Ltd (Fundo) over an allegedly misleading claim on its website that it offered “no credit check loans” of up to $5,000. The notice relates to an alleged contravention of section 12DB(1)(e) of the ASIC Act, concerning false or misleading representations in connection with financial services. The claim appeared between 3 April 2023 and around 19 September 2025. ASIC alleges it was misleading because, from at least 1 January 2024, Fundo required all loan applicants to consent to a credit check and conducted credit checks on some applications.

ASIC halts offers of Remara private credit products

ASIC has made interim design and distribution obligations stop orders against three private credit products offered by Melbourne Securities Corporation Limited (MSC) under the Remara Cash Management Fund (RCMF). ASIC identified deficiencies in the products’ target market determinations, including concerns that they contemplated portfolio allocations of up to 75%, described the RCMF as suitable for investors seeking capital preservation, specified inappropriate timeframes for access to capital and rated the products as low risk.

OAIC update on action relating to 2023 Latitude data breach

The OAIC has provided an update on its investigation into the 2023 data breach of the Latitude group of companies (Latitude). The Commissioner-Initiated Investigation is examining whether Latitude took reasonable steps to protect personal information from misuse, interference, loss and unauthorised access, modification or disclosure, and to destroy or de-identify personal information that was no longer required. The OAIC said the investigation remains ongoing and that a range of enforcement powers may be available if contraventions of the APP are substantiated.

Separately, the OAIC accepted a Representative Complaint in February 2024 on behalf of current and former Latitude customers affected by the breach. The OAIC is prioritising both the investigation and Representative Complaint, and noted that individual privacy complaints relating to the breach may be affected by the representative complaint process, including the restriction in section 39 of the Privacy Act 1988 (Cth) on pursuing an individual complaint where the individual is captured as a class member.