ASIC is seeking industry feedback on proposed updates to Regulatory Guide 183 Approval of financial services sector codes of conduct (RG 183).
The proposed updates intend to ensure the currency and clarity of guidance on ASIC’s regulatory approach to approving industry codes of conduct by:
- reflecting legislative reform since the guidance was last updated, including changes to the industry codes of conduct regime under the Financial Sector Reform (Hayne Royal Commission Response) Act 2020
- clarifying ASIC’s role in relation to industry codes, as well as the criteria and process for our approval of a code, and
- simplifying the existing guidance where possible.
A copy of the proposed updated RG 183 and a more detailed summary of the changes are available below.
Download
CS 26 Proposed update to RG 183
Providing feedback
ASIC welcomes feedback from industry and interested stakeholders on the proposed update to RG 183, particularly on whether the guidance is sufficiently clear to meet the needs of users, and where appropriate, any suggested changes.
Submissions should be sent to rri.consultation@asic.gov.au by 5pm on 1 September 2025. Feedback provided will not be treated as confidential unless specifically requested.
Background
It is not mandatory for any industry in the financial services or credit sectors to develop a code. Where a code exists, that code does not have to be approved by ASIC. However, where approval by ASIC is sought and obtained, it is a signal to consumers that this is a code they can have confidence in.
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 approval for a code.
