Welcome to Issue 88 of our Banking Sector Newsletter.
In this issue, consultations by ASIC on proposed reforms to its guidance on hawking financial products are closing soon. The reforms flow from recommendations from the Hayne Royal Commission that found consumers should be protected from being sold financial products they don’t need or want. The revised hawking prohibition is due to commence in October.
Meanwhile APRA has announced regulatory support for banks offering temporary financial assistance to borrowers impacted by COVID-19. The support largely mirrors temporary support measures APRA announced in March last year.View PDF