Financial Services Snapshots
Financial Markets
RBA releases Guidance for the Australian Clearing and Settlement Facility Resolution Regime
On 18 February 2026, the RBA published its final Guidance on the Australian Clearing and Settlement (CS) Facility Resolution Regime, following its consultation in 2025. The RBA has also published a Response to Consultation which summarises the feedback received from respondents and sets out how the RBA has addressed it in the Guidance.
The Guidance is intended to provide further information about when and how the RBA would generally expect to use its resolution powers over Australian CS facilities. It aims to assist CS facility participants and other stakeholders to understand the RBA’s general approach to resolution and the potential impacts on them if the RBA decides to use a resolution power.
See: Media Release; Guidance; Response to Consultation
Superannuation
Treasury releases the Retirement Reporting Framework and Best Practice Principles for Superannuation Retirement Income Solutions
On 23 February 2026, Treasury released the Retirement Reporting Framework and Best Practice Principles for Superannuation Retirement Income Solutions.
The Best Practice Principles set out clear guidance for trustees on the design and delivery of retirement income solutions, to support industry progress towards best practice. They outline the steps funds can take to better understand members, design fit‑for‑purpose solutions, and engage their members on retirement income decisions.
The Retirement Reporting Framework will collect data on industry progress in the retirement phase of superannuation and drive uplift to member outcomes by creating greater transparency across industry.
APRA will collect and publish the data required to give effect to the Framework, providing insights on fund offerings and member outcomes and helping track progress on uplift across the sector.
See: Media Release; Publication
ASIC commences new review of advice licensees that use lead generation services
On 18 February 2026, ASIC commenced a new review of advice licensees using lead generation services as part of its ongoing program of work to address practices that inappropriately or unnecessarily encourage consumers to switch their superannuation.
Lead generation is a marketing activity designed to create consumer interest in a product or service, with the goal of persuading consumers to purchase the product or service. These services use a range of marketing techniques to introduce consumers to financial services businesses – including some businesses that encourage consumers to switch their super.
ASIC is concerned that certain practices associated with some lead generation services in financial advice and superannuation may expose consumers to a risk of significant losses. The review will assist ASIC to identify financial advice businesses that use lead generation services, understand the nature of these arrangements and, where appropriate, take disruptive or enforcement action.
See: Media Release
Other
ASIC secures record $350 million in civil penalties and $583 million back to Australians in second half of 2025
On 25 February 2026, ASIC published Report 829 ASIC enforcement and regulatory update (REP 829), which provides an overview of ASIC's work and key matters between 1 July and 31 December 2025. Relevantly, ASIC has secured the highest six-monthly civil penalty total in its history.
New figures in REP 829 reveal ASIC secured a record $349.8 million in court-ordered civil penalties in the second half of 2025 following successful cases against some of Australia’s largest companies and super trustees.
ASIC’s work will also see a total of $583 million returned to millions of Australians through refunds from excessive bank fees after its Better and Beyond review and in payments in connection with investigations into the Shield Master Fund and First Guardian Master Fund.
See: Media Release
Treasury consults on operation of the unfair contract terms regime
On 24 February 2026, Treasury commenced consultation on its Review of the Amended Unfair Contract Terms Protections. This review will consider how the amended unfair contract terms (UCT) regime, which was introduced in 2022, have been operating and seeks views on extending UCT protections to all franchisees.
Key issues for discussion include:
- The effectiveness of improved remedies and enforcement under the updated unfair contract terms provisions;
- Whether the current class of contracts to which the UCT currently applies should be expanded; and
- Opportunities to clarify and strengthen UCT provisions.
See: Consultation; Consultation paper
ASIC releases guidance for operators of employee entitlement schemes
On 19 February 2026, ASIC issued a new information sheet for operators of employee entitlement schemes outlining its approach to regulation of these schemes under the Corporations Act, commencing 1 April 2026.
In November 2025, ASIC announced that operators of employee entitlement schemes would be subject to additional transparency and governance requirements and would need to apply to ASIC for an AFSL by 1 September 2026.
Information Sheet 295 Employee entitlement schemes (INFO 295) explains:
- transitional relief will be available for operators from 1 April 2026 until an AFS licence is granted by ASIC;
- the process for an operator to apply for an AFS licence with the relevant authorisations by 1 September 2026, and
- obligations that will apply to operators under the Corporations Act and conditions of ASIC’s ongoing relief.
ASIC will make a new legislative instrument in March 2026 to provide transitional and ongoing relief to operators of employee entitlement schemes from certain provisions of the Corporations Act.
See: Media Release
Other authors: Kurt Cheng, Graduate.
