Madeline Muddle

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Articles

Regulatory Rumbles: Can an issuer be held liable for a distributor’s conduct?

Feb 4, 2024 | lexology.com | Michael Vrisakis |Tamanna Islam |Madeline Muddle

Increasingly, ASIC has sought to hold product issuers responsible for the conduct of other entities down the distribution chain. The recent case of ASIC v Diversa Trustees Limited [2023] FCA 1267 (Diversa) is an example of this. In this edition of Regulatory Rumbles, we explore this trend and examine the legal bases for holding product issuers responsible for the distribution conduct of their representatives, service providers and other intermediaries in the distribution chain.
Back to basics: Insurance claims handling and the key conduct obligations

Jan 28, 2024 | lexology.com | Michael Vrisakis |Tamanna Islam |Shan-Verne Liew |Madeline Muddle |Rebecca McCaughan

Claims handling in insurance is currently a key focus of ASIC, with ASIC Deputy Chair Karen Chester recently calling for action from insurers to get the basics right and warning of the risks of enforcement action. ASIC has indicated it is closely monitoring claims handling processes and has already commenced several investigations across the insurance sector.
Quality of advice tranche 1: HSF makes submission on Treasury consultation

Dec 6, 2023 | lexology.com | Michael Vrisakis |Fiona Smedley |Andrew Bradley |Maged Girgis |Ewan MacDonald |Tamanna Islam | +2 more

On 14 November 2023, Treasury released exposure draft legislation proposing amendments to a number of statutes in response to the Quality of Advice Review. Our team has made a formal submission on this consultation. In summary, our submission addresses the proposed removal of the exception to the conflicted remuneration provisions for benefits given by a client for the issue or sale of a financial product.
FSR GPS: What is the deadline for notifying ASIC of a reportable situation?

Sep 4, 2023 | lexology.com | Michael Vrisakis |Tamanna Islam |Shan-Verne Liew |Abby Sutherland |Madeline Muddle

In this edition of FSR GPS, we set out some useful tips to help licensees calculate the 30-day reporting deadline under the ASIC breach reporting regime. A licensee is required to report to ASIC within 30 days after it first knows that, or is reckless with respect to whether, there are reasonable grounds to believe a reportable situation has arisen.