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Date Time
ASIC consults on draft guidance for hawking reforms
ASIC is consulting on proposed updates to its guidance on the prohibition on the hawking of financial products.
ASIC’s updated regulatory guide reflects the reforms to the anti-hawking regime under the Financial Sector Reform (Hayne Royal Commission Response) Act 2020, which is due to commence on 5 October 2021.
These reforms flow from two recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. In its final report, the Financial Services Royal Commission stated reforming the hawking prohibition was necessary to protect consumers from being sold financial products they did not need or want.