ASIC uncovers widespread Compliance Plan deficiencies in the managed investment industry
ASIC’s review found that many Responsible Entities (REs) overseeing nearly $1 trillion in managed investments are failing to maintain adequate compliance plans. These plans, crucial for protecting retail investors, often neglect key requirements for Design and Distribution Obligations (DDO), Internal Dispute Resolution (IDR), and Reportable Situations(RS). ASIC is urging REs to urgently address these deficiencies, as it indicates concerning governance gaps, and is actively investigating non-compliant entities. Read more here.
Policies affected: Compliance Plan
Organisations affected: Responsible entities
National Anti-Scam Centre calls for stronger business role to disrupt scams
The ACCC is calling on all businesses to partner with the National Anti-Scam Centre and share data to combat increasingly sophisticated scams. Businesses need to also stay alert to scam risks and adapt their systems to protect customers, helping to disrupt scams faster and reduce financial harm. Read more here.
Policies affected: Cyber Security Policy
Organisations affected: All financial firms
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