(Re)Insurance and Regulation Focus - fortnight commencing 16 March 2026

Key developments in the last fortnight

AFCA reports record number of complaints in 2025

The Australian Financial Complaints Authority (AFCA) has reported a record 111,373 complaints in the 2025 calendar year, a 14% increase on 2024 and the highest volume in its history. Those complaints spanned banking, insurance, superannuation and the investments sectors, reflecting ongoing consumer frustration and the fallout from several high-profile firm collapses. AFCA also secured a record $643 million in compensation and refunds for consumers and small businesses through its dispute resolution work. The figures highlight continued pressure on financial firms to improve internal dispute resolution and complaints handling frameworks.

AFCA receives record number of complaints in 2025 calendar year

Keynote address highlights growing complexity for company directors

In a keynote address, ASIC Chair Joe Longo highlighted the growing complexity, risk and scrutiny facing company directors in Australia. He emphasised that while the role carries significant legal responsibilities, effective governance remains critical to maintaining trust in markets and delivering strong outcomes for the community. The speech also underscored that directors are not expected to eliminate risk entirely, but to make informed decisions and manage risk thoughtfully in uncertain environments. The message from ASIC was clear: strong, capable directors are essential to resilient companies and well-functioning financial markets.

It’s tough being a director (but that doesn’t mean you shouldn’t do it) | ASIC

Key dates

• 17 March 2026 – Treasury’s consultation closes on the review of the amended Unfair Contract Terms protections.
• 31 March 2026 – Enrolment opens for AML/CTF tranche 2 entities.
• 1 July 2026 – AML/CTF obligations commence for tranche 2 entities.
• 1 July 2026 – Mandatory climate related financial reporting annual reporting period commences for Group 2 entities.

In case you missed it

The commencement of the Financial Accountability Regime (FAR) is approaching its first anniversary on 15 March 2026. Reach out to us for insights on the application of FAR and training for accountable people, including simulation exercises which can be invaluable to identify gaps in your FAR compliance framework.