complaints handling.
The review also considers options for modernising the Code, to reflect changes in the field of electronic payments since the Code’s last review.
The consultation paper is designed to assist ASIC to form its final positions on updates to the Code. ASIC welcomes submissions on CP 341 from all interested parties.
Submissions are due by Friday 2 July 2021.
Next steps
After receiving submissions on the consultation paper, ASIC will consider stakeholder feedback and issue a report outlining final positions. ASIC will also publish a draft updated Code for stakeholder feedback on the format and technical wording of the Code.
May 17, 2021 at 12:06 PM
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Companies, their boards, and regulators are increasingly focused on ESG (environmental, social, and governance) risks and opportunities. If you haven’t been paying attention to developments related to ESG, now is the time to start.
“We began receiving requests from our members for ESG-focused programming a few years ago, as lawyers, compliance professionals, and others saw a need to build their knowledge,” says Seema Lal Meehan, Director, Special Projects and Senior Program Attorney at Practising Law Institute (PLI). The organizer of the upcoming PLI program ESG 2021: What It Means for Boards, Management, and Counsel, Meehan reports that interest in the topic is greater than ever this year, particularly as a growing number of Biglaw and other firms launch ESG-focused practices.
The chairman of the Australian Prudential Regulation Authority (APRA), Mr Wayne Byres, has highlighted three important issues that are relevant and critical to the long-term strength and resilience of the financial sector.
In a speech yesterday to the Committee for the Economic Development of Australia, he said that the issues are: climate-related risks; governance, culture, remuneration and accountability; and cyber security risks..
APRA is also adapting its supervision in response to evolving risks, launching a number of pilot projects to trial new ways of doing things.
Climate-related risks
Mr Byres indicated that while the financial sector as a whole has been increasingly alert to the potential risks of a changing climate, understanding and managing them is easier said than done given the long-term and unprecedented nature of climate risks.
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ASIC probing long wait for insurance payouts
Few small businesses have lodged claims for business insurance they paid for and the way it has been handled by the sector is only part of the problem.
Apr 19, 2021 – 12.00am
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Of the more than 330,000 small businesses eligible to lodge business interruption insurance claims, less than 1 per cent have done so, prompting the Australian Securities and Investments Commission (ASIC) to step in to boost the numbers and launch surveillance work to make sure there is no misconduct.
It’s a high stakes game as the insurance industry grapples with billions of dollars in potential claims, the spectre of a string of class actions and a reputational backlash over its handling of the matter, which could take years in the courts to resolve.