Regulatory and Compliance Update – September 2026
September 2026 brought significant regulatory developments for AFSLs, including ASIC enforcement, Shield and First Guardian fallout, AML/CTF reform, FAR changes, scams regulation and increased scrutiny of adviser supervision and product governance. We examine the key developments and practical compliance implications for Australian financial services licensees.
CSLR: Application Of The Waterfall Framework For The 2026–27 Special Levy
Treasury has released its proposed approach to the CSLR 2026–27 special levy, addressing a $170.262 million funding shortfall through a three-tier waterfall framework. We examine the proposed levy allocations, the new “connection” methodology, the $40 million allocation to responsible entities of managed investment schemes, and the potential implications for AFSL holders, Responsible Managers and compliance teams.
Regulatory and Compliance Update — August 2026
August 2026 brought major regulatory developments for AFSLs, including the Government’s Shield and First Guardian reform package, stronger superannuation and product governance expectations, AUSTRAC enforcement, AI and cyber risk warnings, and record AFCA complaint volumes.
Regulatory and Compliance Update — July 2026
July 2026 brought major compliance changes for AFSLs, including AML/CTF Tranche 2 commencement, Payday Super, rising CSLR costs, ASIC enforcement activity and stronger expectations for platform and licensee governance.
Regulatory and Compliance Update — June 2026
June 2026 was dominated by ASIC’s updated RG 234 advertising guidance, AML/CTF go-live requirements, lead generation scrutiny, Shield and First Guardian fallout, platform governance, IDR reporting and continuing enforcement pressure. AFSL compliance teams should review advertising controls, AML/CTF implementation evidence, complaint handling, referral arrangements and product governance.
Life Code Review Final Report: what advisers and licensees need to know
The Life Code Review Final Report signals major changes for insurance advice, with new expectations on mental health cover, vulnerability, hardship, claims handling, premium disclosure and evidence of client understanding.
Regulatory actions: June 2021 to date
A factual review of major ASIC and APRA actions against Australian financial institutions since June 2021, including penalties, licence conditions, infringement notices, court proceedings and significant compliance failures.
Regulatory and Compliance Update – May 2026
May 2026 saw heightened regulatory focus on superannuation member protections, CSLR reform, AML/CTF implementation, complaint handling, and technology risk. Key developments included ASIC action linked to First Guardian, Treasury consultations following Shield and First Guardian, AUSTRAC’s updated AML/CTF expectations, AFCA systemic issues reporting, and continued scrutiny of lead generation, platform governance and adviser accountability. AFSL compliance teams should prioritise AML/CTF evidence, IDR testing, product governance, CSLR exposure and oversight of referral and lead generation arrangements.
Regulatory and Compliance Update – April 2026
April 2026 saw regulators sharpen their focus on AML/CTF reform, complaint and breach data, adviser supervision, platform governance, AI scams and superannuation advice risks. This month’s update summarises the key developments for AFSL and credit licensees.
Regulatory and Compliance Update — March 2026
Key March 2026 regulatory updates: AUSTRAC AML reforms, ASIC enforcement trends, AFCA rule changes, and Payday Super readiness for AFSL licensees.