ASIC has released updated regulatory guidance on industry codes of conduct in the financial services and credit sectors.
The updates to Regulatory Guide 183 Codes of conduct for the financial services and credit sectors (RG 183):
- reflect legislative reform since the guidance was last updated in 2013,
- clarify ASIC’s role in relation to industry codes, and the criteria and process for code approval, and
- simplify and streamline the guidance.
These updates follow consultation with stakeholders through Consultation Statement 26 Proposed update to RG 183 (CS 26). Stakeholders were broadly supportive of the proposed updates.
A copy of the non-confidential submissions made to ASIC and an outline of our response is available below.
Background
It is not mandatory for any industry in the financial services or credit sectors to develop a code. Where a code exists, it does not require ASIC’s approval. However, seeking and obtaining ASIC’s approval is a signal that the code is one that consumers can have confidence in and rely on.
RG 183 provides guidance on ASIC’s role in relation to codes, the criteria for code approval by ASIC, and the process for obtaining (and retaining) ASIC’s approval for a code.
Download
- Regulatory Guide 183 Codes of conduct for the financial services and credit sectors (RG 183)
More information
- ASIC proposes updates to guidance for industry codes of conduct
- Consultation Statement 26 Proposed update to RG 183 (CS 26)
- Summary of feedback to CS 26 and ASIC’s response
