ASIC said it will punish issuers of CFDs and other high-risk products for failure to comply with their design and distribution obligations.
The FAR replaces and extends the BEAR by imposing new accountability obligations on insurers, banks, super funds, and their senior executives.
The review assessed how banks, insurers and superannuation entities are approaching implementation of the new remuneration standards under CPS 511.
A joint cross-sector thematic review identified some good governance practices, but also areas where improvement is needed.
New discussion paper seeks views on a recommendation to ban screen scraping in situations where the CDR is a viable alternative.
The review was conducted in late 2022, ahead of new investment governance standards taking effect in January.
The committee said consultations planned by the government are the most appropriate way to develop a regulatory framework for digital assets.
ASIC said Westpac's deficient process resulted in 229 customers not receiving a response to their hardship notice within the required 21 days.
The amendments will take effect on 1 December, introducing five recovery tools to help manage a potential default by a market participant.
Financial hardship will be a key area of focus over the next year. ASIC will conduct a review of large home lenders to understand their approaches in this area.
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