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19 Nov 2020 ASIC Updates

Insurers urged to respond to new accounting standard

ASIC is calling on insurers to respond to a new accounting standard for insurance contracts.

Accounting Standard AASB 17 Insurance Contracts (AASB 17) is effective for reporting periods beginning on or after 1 January 2023.

The new standard will likely affect the reported financial results of many insurers and thus insurers should determine the impact now.

Insurers are required to disclose the impacts of the new standard in 31 December 2020 financial reports.

Read more here.

ASIC’s superannuation focus in 2020–21

ASIC has announced its superannuation priorities for 2020–21.

ASIC will continue to deal with issues related to COVID-19 and will also refocus on addressing wide-ranging consumer harms in the regulatory environment.

This includes continuing to implement the recommendations of the Financial Services Royal Commission and focusing on the behaviour of trustees to improve consumer outcomes in superannuation.

Read more here.

ASIC seeks consultation on promoting access to affordable advice for consumers

ASIC has issued Consultation Paper 332 Promoting access to affordable advice for consumers (CP 332).

CP 332 seeks input from industry participants and relevant stakeholders to help ASIC understand:

  • The issues and impediments relating to the supply of good quality and affordable personal advice.
  • The practical steps that can be taken by ASIC and the industry to improve consumer access to good quality affordable advice.

Feedback on the industry’s experience in providing limited, digital and strategic advice is of particular interest.

Submissions to CP 332 are due by 18 January 2021. You can provide feedback online, which contains all the questions found in CP 332.

Read more here

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