ASIC reduces complaints reporting frequency for small banks
ASIC has reduced the complaints data reporting frequency for small banks from six-monthly to annually. This “no-action position,” announced on 24 September 2025, aims to lower regulatory costs and improve competition, as recommended by the Council of Financial Regulators. Consequently, small banks are not required to submit their internal dispute resolution (IDR) reports during the upcoming January-February 2026 and 2027 windows, ahead of formal system changes planned for 2027. Read more here.
Policies affected: Complaints related policies and procedures
Organisations affected: Small banks
ASIC Remakes Five Financial Reporting Relief Instruments
Following industry consultation, ASIC has remade five legislative instruments that provide financial reporting relief, preventing their scheduled sunset on October 1, 2025. The renewed instruments, now effective until October 1, 2030, continue to offer relief for entities in specific circumstances, such as combined reporting for related schemes and stapled groups, and for non-reporting and externally-administered bodies. While feedback supported the continuation, ASIC decided against expanding the scope to include sustainability reports or voluntarily deregistered companies at this time, though it did limit the effect of the non-reporting entities instrument to five years to monitor its ongoing necessity. Read more here.
Policies affected: Financial reporting and governance related
Organisations affected: Funds management, investment, and distressed entities
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