The HN Hub offers a library of template policies and procedures, as well as regulatory updates and on-demand compliance webinars.Subscribe
We know how difficult, time consuming and costly it can be to keep up with legislative and regulatory changes. That’s why our team of lawyers and consultants, with a wide range of skills and expertise having worked at top-tier law firms, ASIC and AFCA, have worked together to bring you this compliance portal.
The HN Hub offers regulatory training, on-demand webinars, point-in-time regulatory alerts, monthly regulatory updates, access to industry compliance forums, templates to financial services, credit and AML/CTF compliance documents and policies all on the one platform.
|Area||What you need to know||Supporting Policy Templates on the HN Hub||Supporting Training Webinar on the HN Hub|
|Breach Reporting||- 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||- 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||- 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||- 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||- Outbound promotions may need to be pared back in light of the new restrictions||Yes|
Updated Promotional Material Policy
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