Day: 27 June 2024

Changes ahead for the Responsible Lending Code

The consultation period for proposed changes to the Responsible Lending Code concluded in June. The updated Code is likely to come into effect with the repeal of affordability regulations. The proposed new Responsible Lending Code includes elements from both the 2017 and 2023 Codes and will provide clearer guidance to lenders on responsible lending practices, […]

$500,000 compensation payments take effect this month

Starting 18 July 2024, the Financial Service Providers (Rules for Approved Dispute Resolution Schemes) Regulations 2024 introduce important changes: Action steps for FAPs Making sure your procedures follow the latest rules for handling complaints efficiently and transparently not only helps you steer clear of fines but also improves how well your business runs. If you […]

Proposed changes to financial advice code

The Code Committee has proposed three changes to the Code of Professional Conduct for Financial Advice Services. These are outlined in the consultation paper relating to competence, knowledge, and skill. Strategi encourages all those impacted by the code to read the consultation paper. What is proposed? The Committee proposes three amendments to the Code to: […]