Financial Services Snapshots

Financial Markets

ASIC announces 2026 enforcement priorities

On 13 November 2025, ASIC announced its new enforcement priorities for 2026, which include private credit practices, financial reporting misconduct, insurance complaints and claims handling, and misleading pricing.

In 2026, ASIC’s new enforcement priorities are:

• misleading pricing practices impacting cost of living for Australians;
• poor private credit practices;
• financial reporting misconduct including failure to lodge financial reports;
• claims and complaint handling failures by insurers; and
• continuing on the collapse of the Shield and First Guardian Master Funds.

ASIC noted its continuing enforcement priorities to be:

• strengthening investigation and prosecution of insider trading conduct;
• misconduct exploiting consumers facing financial difficulty including predatory credit practices;
• unlawful practices seeking to evade small business creditors;
• holding super trustees to account for member services failures; and
• auditor misconduct.

See: Media release

Superannuation

ASIC extends disclosure and reporting relief for super trustees

On 20 November 2025, ASIC announced a three-year extension to the relief provided for superannuation trustees under ASIC Superannuation (Disclosure and Reporting Consistency Obligations) Instrument 2023/941 (Current Instrument).

The extension, permitted through ASIC Superannuation (Amendment) Instrument 2025/449, (Instrument) ensures trustees remain exempt from requirements under subsection 29QC(1) of the Superannuation Industry (Supervision) Act 1993 (SIS Act) until 1 January 2029. Section 29QC(1) of the SIS Act operates to maintain consistency between public disclosures and regulatory reporting to APRA.

ASIC considers that the relief provided under the Current Instrument is operating effectively and is a necessary part of the legal framework,

See: Media Release; Instrument;

Other

APRA publishes new report on financial system risks

On 20 November 2025, APRA released its inaugural report on APRA’s assessment of risks and vulnerabilities facing the Australian financial system (System Risk Outlook Report).

APRA stated that the System Risk Outlook Report will be a biannual report, seeking to increase transparency around what APRA is seeing in the domestic and international risk environments to inform its regulatory priorities.

Key insights from the first publication of the System Risk Outlook Report include:

• risks to the Australian financial system from overseas are heightened, and the geopolitical environment is expected to remain volatile for some time;
• APRA is closely monitoring any build-up of domestic vulnerabilities, particularly in the housing market, including high household debt; and
• the increasing interconnectedness of the financial system has elevated the potential for shocks in one sector to have a system-wide impact.

The report also sets out a summary of findings from Phase 1 of APRA’s system risk stress test, which was undertaken this year with the four major banks and six large superannuation funds. Key findings suggest that the structural features of super funds mean that the industry acts as an important stabiliser for the system during stress but, in some cases, their actions can also amplify the negative effect of the shock on members and the system.

APRA expects to publish a final detailed report of the findings of the system risk stress test, incorporating Phase 2, in mid-2026.

See: Media Release; System Risk Outlook Report

APRA releases response to minor framework updates for ADIs, insurers and RSE licensees

On 21 November 2025, APRA released a response to consultation on proposed minor amendments to the prudential and reporting framework for authorised deposit-taking institutions (ADIs), insurers and registrable superannuation entity (RSE) licensees.

The response letter follows the release of the proposed update for consultation in September 2025. These minor updates help APRA keep the prudential framework up-to-date between comprehensive reviews.

See: Media Release