It was a busy month in Parliament, notwithstanding a revised Parliamentary sitting calendar to mark the passing of the Queen.

As the first substantial opportunity for the new government to gather, we saw a selection of significant reforms that were prorogued with the calling of the federal election under the previous government, including the long-awaited Financial Accountability Regime and Compensation Scheme of Last Resort legislation. New measures relating to downsizer contributions were also introduced, along with the faith-based performance test in support of a federal election promise.

APRA released an information paper outlining their plans for modernising the prudential architecture, while ASIC released the long-awaited Consumer Remediation regulatory guide after multiple rounds of consultation.

The Federal Court returned judgments with significant penalties in relation to ASIC enforcement action, along with a dismissal of a case from the Royal Commission.

Jonathan Steffanoni - Managing Partner
QMV Legal

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