Australian financial firms are reminded by ASIC of the importance of maintaining compliance and integrity standards in all business communications.

In the fast-paced world of finance, effective communication is key. However, it’s equally important to ensure business communications adhere to regulatory requirements.

1. Know your Comms: What Counts as Business Communication?

“Business communication” refers to any communication that relates to your work. This includes everything from formal emails and recorded calls to informal chats on personal devices. Yes, even that quick text message about a client’s order counts!

Why does this matter? Because regulatory bodies like ASIC require firms to monitor these communications. This helps ensure compliance with all relevant laws and regulations, and it helps detect any potential misconduct early on.

2. Stick to the Rules: Follow Communication Guidelines

Firms should have clear policies and procedures in place regarding approved communication channels and how to handle communications that happen outside of these channels. There are also data retention requirements that need to be adhered to.

Make sure you’re familiar with your firms’ policies and procedures.

3. Be Vigilant: Protect Clients and Your Firm

Communications play a crucial role in protecting clients’ information and maintaining your firms’ reputation. Be mindful of the information that is shared and with whom it is shared with. Avoid discussing confidential client information in public places or on unsecured channels.

Be aware of the risks of market abuse, such as insider trading and market manipulation.

Key Takeaways:

  • All work-related communications, regardless of the channel, are considered business communications and may be subject to recording and monitoring.
  • Familiarise yourself with your firms’ communication policies and procedures.
  • Attend training sessions to stay informed.
  • Be vigilant about protecting client information.
  • Report any suspicious activity promptly.

Keeping your communications compliant and professional will keep you on a compliant path.

If you need assistance in creating or updating your business communications policy reach out to MIntegrity today.

More information from ASIC can be found here.

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