Financial Services, Funds & Superannuation legal update - Quarter 2, 2026
28 May 2026
Welcome to the Q2 Financial Services legal update, your guide to the key regulatory developments, enforcement actions and emerging legal trends shaping Australia’s financial services landscape.
The previous few months have been very active for the regulatory and financial services sector with a series of key developments and announcements across the banking, superannuation, and operational risk management areas.
ASIC has delivered a record enforcement result for the second half of 2025, securing $349.8 million in civil penalties and announcing a suite of new enforcement actions spanning cyber security, insurance mis-selling, FX compliance failures, and financial reporting. ASIC has also continued its programme of regulatory reform, commencing a new review of advice licensees using lead generation services, consulting on beneficial ownership disclosure reforms and releasing new guidance for operators of employee entitlement schemes
On the AML/CTF front, the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2026 was introduced into Parliament on 12 March, making further technical amendments to the AML/CTF Act just prior to the Tranche 1 compliance date of 31 March 2026.
Treasury has been equally active, releasing exposure draft legislation for the Payment Systems Modernisation reform package and consulting on policy options to prevent perpetrators of family and domestic violence from accessing victims' superannuation death benefits. APRA has provided a wide-ranging outlook on supervisory priorities across banking, superannuation and general insurance, highlighting cyber security, climate risk and the resilience of the financial system as areas of key focus.
ASIC has released a crucial roadmap for digital assets law reform implementation, which outlines the upcoming implementation of the Corporations Amendment (Digital Assets Framework) Act 2026 through to October 2027 and which will require AFS licences for digital assets. And bringing joy to many who have to lodge ASIC forms, ASIC announced a 380% increase in forms available for electronic lodgement, resulting in 45,000 fewer paper-based lodgements.
We hope you enjoy this edition and if you have any questions, please do not hesitate to contact a member of our team.
Anti-Money Laundering/Counter Terrorism Finance (AML/CTF)
Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2026 introduced
The Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2026 has been introduced into the House of Representatives, which made a number of minor last minute amendments to the AML/CTF Act. The Bill, if passed, will establish a new framework in the AML/CTF Act giving the AUSTRAC CEO power to restrict or prohibit a reporting entity from using a product, service, delivery channel or thing (a high-risk mechanism) to provide a designated service. The power is enlivened where the AUSTRAC CEO is satisfied that use of the high-risk mechanism has caused, will cause, or is likely to cause significant harm to the financial system or the Australian community, and that the restriction or prohibition is necessary in the public interest. The framework requires a minimum 30-day public consultation period before a restriction or prohibition is made. Breaching or offering to use a restricted or prohibited high-risk mechanism will be a criminal offence carrying a maximum penalty of either four years' imprisonment, 1,000 penalty units, or both, as well as a civil penalty provision attracting up to 100,000 penalty units for a body corporate.
Other key changes include:
- removing the requirement for reporting entities to establish whether a person acting on behalf of a customer is a politically exposed person during initial customer due diligence (CDD)
- replacing the subjective trigger for reviewing KYC information during ongoing CDD with an objective 'reasonable grounds to doubt' standard
- adding the terms ‘Australian politically exposed person’ and ‘Non-Australian politically exposed person’ to clarify the definitions of domestic and foreign politically exposed person to ensure they apply based on when designated services are provided through permanent establishments in Australia or foreign countries, and
- amending international value transfer service reporting obligations to be triggered even where the destination foreign country is unknown to the reporting entity.
On 30 March 2026, the Bill was referred to the Parliamentary Joint Committee on Intelligence and Security (the Committee) to review. The Committee invited written submissions to the inquiry, which closed on 8 May 2026.
Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2026 – Parliament of Australia
Additional updates to correspondent banking relationships under AML/CTF
Since the changes published for AML/CTF on 31st March 2026, there have been further updates regarding the correspondent banking relationships governed by ss 46 and 50 of the Corporations Act 2001 (the Act). AUSTRAC has published guidance on how a financial institution providing banking services to another financial institution located in another country must comply with mandatory AML obligations, such as initial and ongoing customer due diligence, and submitting reports when required.
The requirement to conduct due diligence assessments under Part 8 of the Act is triggered by the provision of a vostro account (an account held by a domestic bank on behalf of a foreign bank in the domestic currency). The due diligence assessment is focused on ensuring that financial institutions understand the:
- ownership and control of the respondent institution
- anti-money laundering and counter-terrorism financing (AML/CTF) context in which it operates, and
- effectiveness of its AML/CTF policies, procedures, systems and controls (we refer to these as AML/CTF policies).
Correspondent banking relationships | AUSTRAC
AUSTRAC publishes guidance on new compulsory examination powers
AUSTRAC has published guidance on its new compulsory examination powers, setting clear expectations for businesses and individuals about when and how the powers will be applied. The powers in s 172A were introduced by the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 and require a person to attend an examination, answer questions, and provide documents. AUSTRAC has emphasised that compulsory examinations are not routine or punitive and will be used where necessary to understand how businesses are managing money laundering risks, clarifying information, or engaging with a reporting entity.
AUSTRAC publishes guidance on use of new compulsory examination powers | AUSTRAC
Superannuation
APRA releases superannuation statistics for 2025
On Thursday, 26 February 2026, APRA published its Quarterly Superannuation Performance publication report for the December 2025 quarter. As of 31 December 2025, the Australian superannuation industry managed $4.48 trillion in total assets across various funds and schemes, of which $3.18 trillion are placed in APRA-regulated funds.
In contrast to December 2024, total superannuation assets increased from $4.15 trillion, and $2.92 trillion under APRA-regulated funds, a respective increase of +8.1% and +9.1% annually. These trends broadly indicate moderate-to-strong growth in the superannuation industry.
APRA releases superannuation statistics for December 2025 | APRA
ASIC urges superannuation trustees to address gaps in anti-scam and fraud protections
ASIC has again urged action from superannuation trustees to strengthen anti-scam and fraud practices after its latest review exposed gaps in member communications, scam assessments, and fraud-related website content across 47 superannuation funds ASIC’s media release followed two reports (report 790 and 760) on scam prevention and detection as well as an open letter to the superannuation industry. Key areas for improvement identified by ASIC include:
- availability (scam and fraud information was often hard to find or absent from fund websites entirely)
- quality (content was frequently outdated, generic or overly complex, with only 19% of funds clearly defining what constitutes a scam), and
- actionability (only around one third of super fund websites provided actionable steps for members to prevent or report scams, and just one in five offered a dedicated contact method for reporting).
Commencement of Payday Super from 1 July 2026
APRA and the ATO have set out the implementation of Payday Super, along with its regulations and standards to ensure businesses are ready by 1 July 2026.
The Treasury Laws Amendment (Payday Superannuation) Act 2025 was passed by the Australian Parliament in November 2025. The reform requires Registrable Superannuation Entities (RSEs) to receive and allocate superannuation contributions made by employers to member accounts within three business days of receipt. If the contributions are not allocated, they must be returned, also within the same timeframe.
This reform requires coordinated action from different participants in Australia’s superannuation system, including employers, RSE licensees, administrators, digital service providers, APRA, and the ATO. Employers have raised concerns they will not have sufficient time to deploy, test, and implement changes within their payroll systems for compliance by 1 July 2026. Failure to comply with these requirements will see businesses paying financial penalties, including the unpaid super, a 10% nominal interest per annum, and an administrative uplift of up to 60% of the shortfall. Failure to comply with ATO’s notices regarding these payments will incur further penalties.
This reform is aiming to reduce the issue of unpaid superannuation, estimated by the Australian Taxation Office to be over $6 billion in just the last financial year.
We recently participated at the Northern Territory Chamber of Commerce discussing the changes.
Treasury publishes best practice principles for superannuation retirement income solutions
The Treasury has published non-binding best practice principles to assist superannuation trustees in designing and delivering retirement income solutions for members in and approaching retirement, consistent with their obligations under the Retirement Income Covenant. The principles provide voluntary guidance on how trustees can better design and deliver fit-for-purpose retirement income solutions and do not change the operation of existing law, prudential standards, or fiduciary duties.
The principles are organised across five areas:
- understanding members' retirement income needs
- designing the elements of a quality retirement income solution
- constructing retirement income solutions that meet members' needs
- supporting member engagement with retirement income solutions, and
- reviewing and improving solutions over time.
Best practice principles for superannuation retirement income solutions | Treasury.gov.au
APRA imposes additional licence conditions on Fiducian
APRA has imposed additional licence conditions on Fiducian Portfolio Services Limited – the trustee of the Fiducian Superannuation Fund – which has approximately 10,000 member accounts with over $3.1 billion in funds under management.
The conditions were imposed to combat prudential concerns relating to their investment governance frameworks and practices. A review by APRA identified deficiencies in Fiducian’s onboarding processes and practices for new investment options, board governance, and oversight.
The conditions came into effect on 2 April 2026, and will require Fiducian to:
- appoint an independent expert to undertake reviews of high-risk products, and
- appoint an independent expert to review effectiveness of the board and implement plans to address identified gaps.
APRA imposes additional licence conditions on Fiducian | APRA
APRA finalises targeted amendments to CPS 230 Operational Risk Management
APRA finalised amendments to the prudential standard CPS 230 Operational Risk Management, prudential practice guide CPG 230, and the corresponding Material Service Provider Register template.
The amendments will come into effect on 1 July 2026 and were developed in response to industry feedback. The changes aim to provide targeted and efficient solutions for regulated entities that maintain material arrangements with non-traditional service providers, like central banks and settlement facilities, where contractual compliance is not practicable.
APRA finalises targeted amendments to CPS 230 Operational Risk Management | APRA
ASIC announces stamp duty disclosure changes
ASIC announced changes to stamp duty and portfolio holdings disclosure requirements for the superannuation and investment management sectors following industry consultation.
The changes include:
- Stamp duty paid in one year will now have to be disclosed over the following seven years in fees and costs summaries in Product Disclosure Statements (PDSs) rather than as an annual sum.
- New class order relief for superannuation trustees, aligning portfolio holdings disclosure obligations for internally-managed private debt with externally-managed private debt.
ASIC announces stamp duty disclosure changes | ASIC
Treasury consults on preventing perpetrators from accessing victims' superannuation death benefits
Treasury is consulting on policy options to prevent perpetrators of family and domestic violence from receiving their deceased victim-survivors' superannuation death benefits. When the issue arises because, in certain circumstances, superannuation fund trustees may have no option but to distribute superannuation to a beneficiary who perpetrated family or domestic violence against a deceased member, where a valid binding death benefit nomination or prescriptive governing rules limit the trustee's ability to take account of such conduct. The consultation paper sough feedback on two issues:
- whether the common law forfeiture rule should be reflected in superannuation law to assist trustees in setting aside a beneficiary who has unlawfully killed the deceased member, and
- the three reform options that would give trustees greater flexibility over death benefit distributions, include:
- broad trustee discretion to set aside a perpetrator on a fair and reasonable basis
- a prescribed approach allowing or requiring a trustee to set aside a perpetrator only where a relevant court finding exists, or
- a power for the trustee to pay a death benefit to the deceased estate or into a court where family and domestic violence by a beneficiary is reasonably suspected.
Submissions closed on 15 April 2026.
Preventing perpetrators from accessing victims’ super death benefits – Consultation paper
General regulatory
APRA calls for a step-change in AI-related risk management and governance
APRA has called for a change in how banks, insurers, and superannuation trustees manage AI-related risks, as the regulator warns that governance and risk management practices are not keeping up with the scale and speed of AI adoption. The expanded use of AI and forthcoming frontier AI models is dramatically expanding the prevalence and severity of cyber risks. APRA has set clear expectations for how entities should be managing these risks in alignment with prudential standards is also emphasised and highlighted by APRA.
APRA calls for a step-change in AI-related risk management and governance | APRA
For more information, please read our standalone article.
ASIC released roadmap for digital assets law reform implementation
Following the enactment of the Corporations Amendment (Digital Assets Framework Act 2026 (Cth) (DAF Act), ASIC has outlined its roadmap for the implementation of the new digital assets regime, to assist industry bodies who will be caught be the upcoming reforms as the regime progresses towards implementation by October 2027. This roadmap outlines, various roundtables and consultations scheduled to take place throughout 2026 ahead of and two key publications: a consultation paper proposed in late 2026; and regulatory guides scheduled for early 2027. The digital assets licensing application window and associated portal are due to open in April 2027.
Additionally, ASIC intends to consult with digital asset providers and tokenised custody platforms on a range of proposed new standards contemplated by the DAF Act. These standards include asset-holding standards; transactional and settlement standards; and financial requirements. Further regulatory guidance is anticipated in this area.
The proposed roadmap is illustrated on ASIC’s website, linked below.
ASIC's roadmap for digital assets law reform implementation | ASIC
Crypto exchange platform markets in Australia despite ASIC intervention
Bitget, a crypto currency exchange platform that boasts 120 million users worldwide, has been marketing its high-risk products across Australia, despite ASIC warning investors about its unlicenced crypto assets in July 2025.
Bitget does not hold an Australian Financial Services licence but has continued to hold multiple events across Australia to market its products. Bitget’s website markets itself as the ’number one platform for buying Bitcoin in Australia’, leaving financial experts concerned about a regulatory gap for high-risk international crypto firms operating in Australia without consequences.
Digital asset platforms in Australia have until the end of June to comply with financial service licensing requirements, in line with the Corporations Amendment (Digital Assets Framework) Bill 2025 which passed both houses of Parliament on 1 April 2026.
Crypto exchange platform markets in Australia despite ASIC intervention - ABC News
Treasury releases exposure draft legislation for payment systems modernisation reforms
Treasury has released exposure draft legislation for the Payment Systems Modernisation reform package, comprising four Bills, the Treasury Laws Amendment (Payment Systems Modernisation) Bill 2026, Payment Entities (Prudential Regulation) Bill 2026, Payment Entities Supervisory Levy Imposition Bill 2026, and the Authorised Non-Operating Holding Companies Supervisory Levy Imposition Amendment Bill 2026. The package responds to findings across multiple reviews that the current regulatory framework for payment service providers (PSPs) is no longer fit for purpose, creating regulatory gaps, inconsistent treatment, and an unlevel playing field.
The Treasury Laws Amendment Bill introduces four key reforms:
- the existing Purchased Payment Facility (PPF) regime will be repealed and replaced by AFS licensing requirements for Stored Value Facility (SVF) providers, with major SVF providers (those holding $200 million or more in stored value on a group aggregate basis) required to register with APRA under a new prudential framework
- a new mandatory ePayments Code will be introduced by Ministerial legislative instrument
- new safeguarding requirements will apply to payment-related money held by licensees, with money taken to be held on statutory trust for end users, and
- a suite of new defined product and service types including: SVFs, payment instruments, payment initiation services, payment facilitation services, and payment technology and enablement services replacing the existing non-cash payment facility framework with an activity-based, technology-neutral licensing architecture.
Consultation closed on 9 April 2026.
Regulation of Payment Service Providers –Tranche 1 draft legislation - Consult hub
APRA Chair John Lonsdale’s Opening Statement to Senate Economics Legislation Committee
In his opening statement to the Senate Economics Legislation Committee on Wednesday 11 February 2026, APRA Chair John Lonsdale delivered a comprehensive overview of APRA’s current supervisory and enforcement priorities across the banking, superannuation, and general insurance industries. Lonsdale highlighted and characterised the uncertainty around the global financial system’s resilience considering heightened levels of global geopolitical risks, specifically the increasing frequency and severity of cyber-attacks. Lifting cyber security policies and practices across all regulated industries is a top priority for APRA, with particular focus on third-party service providers.
Lonsdale further highlighted the pressures that extreme weather events and other climate-related risks place on general insurers, noting that 2024 was the costliest year for natural disaster related insurance claims since 2022, with almost $3.5 billion in losses. In addition to the immediate claims burden on general insurers, these significant events can have further implications on banks and superannuation trustees. Accordingly, APRA’s Climate Vulnerability Assessment is due for release in coming months
APRA continues to progress a series of recommendations emerging from the CFR Review of Small and Medium Sized Banks and plans to introduce additional tier(s) to its prudential framework for banks to increase proportionality and reduce regulatory burdens. For example, APRA plans to expand and explore data-sharing arrangements with other regulators to reduce duplicative reporting requirements, increasing efficiency and relieving significant regulatory burdens.
Opening Statement to Senate Economics Legislation Committee – February 2026 | APRA
ASIC consults on beneficial ownership disclosure reforms
ASIC is consulting on proposals to enhance corporate transparency by increasing investor visibility of who ultimately owns or controls entities listed on Australian financial markets. The proposals respond to reforms in Schedule 1 of the Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Act 2025, which broadened market disclosures to better capture interests arising through equity derivatives and strengthened the existing substantial holding and tracing notice regimes. ASIC has released Consultation Paper 387 (CP 387) which includes proposals on a new legislative instrument, a new Substantial Holding Notice, and amendments to RG 5, RG 9 and RG 222. Submissions closed on 21 April 2026.
ASIC commences review of advice licensees using lead generation services
ASIC has commenced a new review of advice licensees using lead generation services as it is concerned that certain practices associated with some lead generation services in financial advice and superannuation may expose consumers to a risk of significant losses. ASIC has commenced a review to identify financial advisory businesses using these services, and possibly where appropriate, take disruptive or enforcement action. As part of the review, ASIC has published and will continue to update a list of known entities involved in lead generation, referral partners, and advice licensees or corporate authorised representatives that have acquired leads since 1 July 2024. Financial advisers and advice licensees should carefully consider whether they can comply with their obligations when engaging with lead generation businesses. ASIC has urged superannuation trustees to review ASIC's published list of high-risk features and compare it with their own internal data for indications of high-risk superannuation switching conduct.
26-029MR ASIC commences new review of advice licensees that use lead generation services | ASIC
ASIC releases guidance for operators of employee entitlement schemes (EES)
ASIC has issued a new information sheet for operators of employee entitlement schemes (formerly known as industry redundancy funds) which need to apply to ASIC for an AFS licence by 1 September 2026. Information Sheet 295 (INFO 295) explains the transitional relief available to operators from 1 April 2026 until an AFS licence is granted; and the process for applying for a licence with the relevant authorisations by 1 September 2026. The Information Sheet also covers applicable obligations on operators under the Corporations Act and further conditions of ASIC's ongoing relief. further legislative instruments are anticipated.
Sparke Helmore is assisting several funds with the preparation of their AFS licences which require authorisations to operate as unregistered retail managed investment schemes. This authorisation will be unique to a discrete number of entities.
ASIC releases guidance for operators of employee entitlement schemes | ASIC
ASIC extends short selling relief for precious metal-backed ETP market makers
ASIC has extended conditional short selling relief for appointed market makers to support market liquidity in exchange-traded options (ETOs) listed over Global X Physical Gold. From 3 February 2026, the ASIC Corporations (Amendment) Instrument 2026/24 amended the ASIC Corporations (Short Selling) Instrument 2018/745 to:
- allow market makers of specified precious metal-referenced structured products to short sell during market making on the same conditions that apply to ETF market makers
- include Global X Physical Gold Structured as an approved product for ETO market maker hedging
- extend covered short sale transaction reporting relief to market makers of specified structured products, and
- reflect current naming conventions for exchange traded products.
ASIC issues observation and training on sustainability reporting
ASIC has released observations on the sustainability reporting data for Group 1 entities. There was a total of 259 reports lodged from 225 unlisted entities and 34 listed entities. ASIC has provided a freely available training series on sustainability reporting and has provided some feedback to assist entities with sustainability reporting. This feedback included:
- entities should not include disclaimers that are contrary to the Corporations Act
- disclosure of relevant judgements, assumptions and areas of measurement uncertainty must be clear, and
- cross-referencing information outside the sustainability report for example in PDSs, entities must ensure they meet disclosure requirements.
More entities will be caught by Group 2 and Group 3, if you need assistance with sustainability reporting, please feel free to contact Sparke Helmore.
ASIC issues early observations on sustainability reporting ahead of 30 June 2026 | ASIC
26-098MR ASIC sets financial reporting, audit and sustainability focus areas for FY 2026–27 | ASIC
ASIC release latest reports of misconduct data
New ASIC data shows an increase in reports of misconduct (ROMs), with ASIC receiving 9,686 ROMs raising 13,036 issues in the second half of 2025 up from 3,819 from the previous report. Of these ROMs, corporate governance matters account for 40% of these issues, with financial services and retail investor issues totalling 44%. Corporate governance matters accounted for 5,217 issues raised and included governance concerns (35%), failures to provide records to liquidators (19%), fraud allegations (11%), insolvency issues (9%), and registered liquidator conduct (5%).
26-033MR Misconduct reports to ASIC highlight spike in corporate governance issues | ASIC
ASIC withdraws RG 64 and RG 40
ASIC has withdrawn RG 64 (Failure to lodge documents) and RG 40 (Good transaction fee disclosure for bank, building society, and credit union deposit and payments products), both of which were considered outdated. ASIC has also made minor and technical updates to RG 104 (AFS licensing: Meeting the general obligations) and RG 205 (Credit licensing: General conduct obligations). These changes form part of ASIC's broader programme to review, update, and simplify its regulatory guidance.
ASIC trims regulatory guidance to reduce complexity for industry | ASIC
ASIC enforcement outcomes
ASIC secures record civil penalties and consumer remediation in second half of 2025
ASIC has secured the highest six-monthly civil penalty total in its history, with $349.8 million in court-ordered civil penalties recorded in the second half of 2025. ASIC's work will also see $583 million returned to Australians through bank fee refunds and payments connected to the Shield Master Fund and First Guardian Master Fund investigations.
ASIC imposes licence conditions on Corpay subsidiary Cambridge Mercantile
ASIC has imposed additional licence conditions on the AFS licence of Cambridge Mercantile (Australia) Pty Ltd, a subsidiary of NYSE-listed Corpay Inc, following alleged compliance failures in its foreign exchange derivatives business. ASIC's concerns include Cambridge misclassifying more than 2,800 retail clients dealing in structured FX derivatives as wholesale clients, failure to promptly remediate affected clients (with amounts expected to total millions of dollars), failure to maintain adequate conflict of interest arrangements, failure to maintain adequate risk management systems and human resources and breaching its financial resource requirements.
26-025MR ASIC imposes licence conditions on Corpay subsidiary following compliance failures | ASIC
Fundhost pays infringement notice for misleading fund performance representations
Fundhost Limited has paid $19,800 to comply with an infringement notice issued by ASIC alleging that, as responsible entity of the Polen Capital Global Growth Fund, it made false or misleading representations about the Fund's performance.
Petra Capital fined $205,350 for regulatory data reporting failures
Sydney-based stockbroking firm Petra Capital Pty Ltd has been fined $205,350 by the Markets Disciplinary Panel (MDP) for allegedly misreporting regulatory data on more than 3,600 occasions, following an ASIC investigation finding that Petra Capital to be in breach of market integrity rules by failing to provide accurate client identification information.
26-015MR Petra Capital fined for regulatory data reporting failures | ASIC
ASIC files winding-up action against Liberty Bell Bay for financial reporting failures
ASIC has filed an application in the Supreme Court of New South Wales to wind up Liberty Bell Bay Pty Ltd, part of the GFG Alliance group, following its alleged failure to lodge annual financial reports for the financial years ending 2021, 2022, 2023 and 2024, its non-compliance with Court orders obtained by ASIC in June 2025 to enforce lodgement, and its alleged failure to lodge a report for the 2025 financial year.
On 30 April 2026, ASIC discontinued its proceedings to wind up Liberty Bell. Administrators have been appointed and the obligations to comply with financial reporting requirements have since been deferred as Liberty Bell is placed into administration.
26-087MR ASIC discontinues winding up proceedings against Liberty Bell Bay | ASIC
Canva Group pays $792,000 in infringement notices for failing to lodge financial reports on time
The Australian-born online design and publishing tool, Canva Pty Ltd, along with its three other companies, Canva Operations Pty Limited, Canva Trading Pty Ltd, and Fusion Books Pty Ltd were fined almost $800,000 for failure to lodge their financial reports for the financial year ending 31 December 2024.
This fine comes just weeks after three Australian public companies were also fined for similar offences. Urban Ecological Systems Limited, Invitrocue Limited, and Boyuan Holdings Limited failed to provide financial reports to ASIC and reporting their members, amongst other obligations.
Failure to lodge full-year financial reports with ASIC is a breach of ss 319(1) and 1311(1) of the Corporations Act.
Failing to meet minimum officeholder requirements is a breach of ss s201A(2), 204A(2) and 1311(1) of the Corporations Act.
ASIC continues ‘finfluencer’ crackdown alongside global regulators
ASIC is working alongside 16 global regulators as part of its crackdown on unlawful financial advice delivered by influencers on social media – colloquially termed ‘finfluencers’ - to protect younger Australians on social media from misleading, deceptive, or false financial information.
Many finfluencers do not hold valid or authorised AFS licences and do not operate as an authorised representative from an AFS-holder entity.
As such, warning notices have been issued to four finfluencers suspected of providing unlicensed financial advice or engaging in misleading or deceptive conduct. ASIC has also commenced a review of several AFS licensees and their supervision of 15 finfluencers operating under their licences.
26-081MR ASIC continues finfluencer crackdown alongside global regulators | ASIC
Banking and Authorised Deposit Taking Institutions (ADIs)
Bank of Nova Scotia ADI licence revoked voluntarily
APRA has revoked the authorised deposit taking institution (ADI) licence held by the Bank of Nova Scotia (BNS) following a voluntary application by BNS to surrender its license after its decision to exit Australia. BNS, also trading as Scotiabank, is one of Canada’s major banks. BNS had a presence in the Australian market servicing primarily institutional and corporate clients rather than retail consumers.
APRA revokes Bank of Nova Scotia’s authorised deposit-taking institution licence | APRA
Macquarie Bank partial removal of liquidity add-on requirements
APRA has partially reduced the liquidity add-on requirements it imposed on Macquarie Bank Limited in 2021 and 2022 when it was concerned about the bank’s liquidity risk controls and operational risk management. Following a detailed supervisory assessment, including attestation from the Bank on the Financial Accountability Regime (FAR), which mandates adequate remediation processes and independent assurances, APRA determined that the bank had sufficiently addressed these concerns to warrant partial relief from the previously imposed requirements.
APRA reduces liquidity add-on requirements for Macquarie Bank | APRA
Reserve Bank of Australia to remove card surcharges
The Reserve Bank of Australia has introduced reforms that will remove surcharges on debit, prepaid, and credit cards on card networks including eftpos, Mastercard, and Visa. These reforms are set to take place from 1 October 2026 and are expected to save consumers approximately $1.6 billion in surcharge fees, with businesses saving $200 million in surcharge fees annually. Although this reform aligns the price advertised by the merchant with the final price payable by the consumer, experts are concerned that businesses will increase the costs of their products to absorb transaction fees. Overall, consumers and industry bodies have welcomed these changes.
In Brief: Merchant Card Payment Costs and Surcharging – March 2026 | RBA
