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|Change||Commences||What you need to know - The highlights||Supporting Policy Templates||Supporting Training Webinar|
|Breach Reporting||1 October 2021||- The legislation is much broader and now includes ‘reportable situations’.|
- Some reportable situations are “deemed” reportable – you will be reporting more frequently to ASIC.
- The regime will also apply to Australian Credit Licensees
- You have 30 days to decide if a situation is reportable, or you need to report it anyway
|Updated reference checking and information sharing||1 October 2021||- There are new requirements on recruiting licensees and referee licensees, which dictate how reference checks are to be conducted.||Yes|
Updated appointments policy
|Internal Dispute Resolution (Complaints) Procedures||5 October 2021||- Response times have changed|
- Definition of a complaint is much broader
- You must have a public complaints policy
- Parts of ASIC’s regulatory guide 271 are enforceable.
|Design & distribution obligations||5 October 2021||- This obligation is in addition to Best Interest Duty|
- Become familiar with relevant issuer Target Market Determinations (TMDs) and how they fit into the advice process, and what you need to do
|Hawking prohibitions consolidated and broadened||5 October 2021||- Outbound promotions may need to be pared back in light of the new restrictions||Yes|
Updated Promotional Material Policy