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ASIC is continuing its efforts to simplify regulation, guided by feedback from the regulated community. The regulator aims to make information more accessible and to streamline legislative instruments. These changes are detailed in Report 830, which highlights progress in reducing the regulatory burden on Australian businesses.
New research by ASIC and the Digital Finance Cooperative Research Centre (DFCRC) indicates that Australia is well-positioned to capitalize on ongoing financial innovation, particularly in Fintech and Regtech. The report highlights the increasing integration of artificial intelligence in financial operations and identifies Australia as a global leader in payment infrastructure and the 'buy now pay later' sector. ASIC Chair Joe Longo emphasized the importance of collaboration between industry and regulators to ensure Australia remains at the forefront of financial innovation, aiming to boost the economy and improve consumer experiences.
ASIC and APRA have released public notes from a life insurance CEO roundtable held on April 15, 2026. The meeting was co-hosted by ASIC Commissioner Alan Kirkland and APRA Member Suzanne Smith, with 19 life insurance CEOs and other executives attending. The discussion marks a collaborative effort between regulators and industry leaders in the life insurance sector.
ASIC has released a progress review, Report 831, indicating weaknesses in death benefit claims handling by some superannuation trustees for Australia's ageing population. While some trustees have improved, others have not implemented basic process improvements, leading to concerns about future service pressures. ASIC Commissioner Simone Constant noted that the slow pace of improvement and increased claims volumes suggest some trustees are ill-prepared to meet future demands.
ASIC is proposing to consolidate 17 financial reporting and auditing relief instruments into two new instruments. The aim is to simplify regulations and make it easier for users to understand available relief. Feedback on the draft instruments, which include the 'ASIC Corporations (Annual and Half-year Reporting) Instrument 2026/XXX' and 'ASIC Corporations (Auditing) Instrument 2026/XXX', is open until July 10, 2026.
ASIC has updated its Internal Dispute Resolution (IDR) data dashboard to include financial complaints data from July to December 2025. The update also introduces a new complainant demographics page and a downloadable data file, enhancing transparency and usability. These improvements aim to strengthen accountability and improve complaint handling across the financial system.
ASIC's new Chair addressed a parliamentary committee, highlighting the regulator's recent achievements and future plans. This includes strengthening enforcement, prosecuting misconduct, and advancing regulatory simplification. The Chair also mentioned new government funding to support ASIC's core operations and engagement with Australians.
ASIC is seeking feedback on its proposal to withdraw financial reporting relief for uncontactable members, which is set to expire on October 1, 2026. This is due to changes in the Corporations Act 2001, where sections 110JA and 110F (4A) now provide similar relief. Entities not covered by these new requirements may need to apply for individual relief.
ASIC's Moneysmart Retirement planner has seen strong demand with over 160,000 Australians using it in six months, demonstrating a need for trusted guidance in retirement planning. The tool helps users estimate retirement income and understand financial scenarios. This uptake highlights the importance of accessible tools for Australians to make informed financial decisions as many lack confidence in their retirement planning.
ASIC has detailed its transitional strategy for enforcing a new ban on advertising superannuation funds during employee onboarding, effective July 1, 2026. The ban aims to protect employees from making uninformed decisions, such as opening inappropriate products or duplicate accounts. ASIC will take a balanced approach to enforcement for 12 months from the start date, focusing on serious misconduct rather than honest compliance attempts.
ASIC has updated its guidance on advertising financial products and services, streamlining Regulatory Guide 234 and incorporating past enforcement actions. This update consolidates all advertising guidance into one document, leading to the withdrawal of Regulatory Guide 53. The changes aim to help the industry comply with legal obligations and prevent misleading consumers.
ASIC has updated its mandatory credit reporting relief for credit providers, which includes an additional category of exempted accounts. The relief will now expire on October 1, 2031, following a consultation process that showed stakeholder support for the extension and expansion. This measure is considered an effective and necessary part of Australia's legislative framework for credit reporting.
