ASIC Proposes Updates to Product Disclosure Statements Guide
ASIC is proposing updates to its Regulatory Guide 168 on Product Disclosure Statements (PDSs) to simplify regulation, improve clarity, and increase accessibility. The key changes include consolidating existing PDS disclosure, lodgement, and notification guidance from various other ASIC documents into RG 168, which will lead to the withdrawal of those original sources. Conversely, guidance within RG 168 related to Financial Services Guides and Statements of Advice will be removed. ASIC also plans to reframe the guidance on misleading and deceptive conduct to focus on general PDS disclosure concerns and clarify the legislative basis for the Good Disclosure Principles. Read more here.
Policies affected: PDS Policies, Compliance Framework, DDO Policy
Organisations affected: AFSL holders who are product issuers
AFCAs updated approach to responsible lending
The Australian Financial Complaints Authority (AFCA) has updated its approach to responsible lending complaints, incorporating feedback from financial firms and consumer groups. These updates aim to clarify how AFCA will assess complaints, particularly regarding the calculation of financial loss, the verification of living expenses in serviceability assessments, and the application of interest rate buffers. Additionally, amendments have been made to reflect the regulatory regime for low-cost credit contracts, ensuring a more consistent and clear framework for dispute resolution in responsible lending cases. Read more here.
Policies affected: Credit Assessment and Serviceability Policies
Organisations affected: ACL holders
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