Greatest Good October 2024 Regulatory Update
ASIC annual report
ASIC has released its annual report with a focus on their program of transformation over the 2023-24 financial year. This includes their most significant organisational redesign in 15 years to enable better collaboration, enhanced systems and strengthen capabilities to deliver important outcomes.
Key highlights include:
- regulatory and enforcement firsts, including winning a greenwashing civil penalty action
- Strong compliance and enforcement outcomes, commencing around 170 new investigations, an increase of around 25% on the previous year. A similar increase was also seen in new civil proceedings
- consumer protection saw ASIC take down more than 7,300 investment scams and phishing websites. Their Moneysmart website was used by over 11 million Australians, with more than 6 million people using the free tools and calculators to help manage their finances
Safe and Savvy Guide
The Australian Banking Association has released a guide to help people avoid scams, fraud and elder financial abuse.
This guide was developed by the Commonwealth Bank of Australia (CommBank) together with a large range of community and academic experts.
It aims to:
- Provide you with an overview of scams and fraud; why they can be hard to spot, common types and how to protect yourself
- Introduce the concept of elder financial abuse and explain why it matters to you
- Ensure you can recognise the types and warning signs of elder financial abuse and give you practical steps to take now and in the future.
Directors’ oversight of company compliance obligations
The Australian Institute of Company Directors (AICD) has released its AICD Practice Statement focuses specifically on a director’s duty of care and diligence in overseeing a company’s regulatory compliance obligations.
It provides practical guidance and suggested steps for non-executive directors to fulfil their duties, as well as things to look out for in fulfilling those duties. Providing legal advice, they have also released a legal opinion that was prepared for the AICD on fulfilling section 180 of the Corporations Act (duty of care and diligence & regulatory compliance obligations). Learn more or watch the video.
Disclaimer: This does not purport to be comprehensive or to render legal advice. You should not act based on any information contained in this publication without first obtaining specific professional advice. Consult your legal advisor to determine if this applies to you.
