The Australian Securities & Investments Commission has published proposed updates to Regulatory Guide 183 on the approval of financial services sector industry codes of conduct and is seeking feedback from industry and other stakeholders. The changes are intended to keep ASIC’s approach to code approval current and clearer for users. The draft update reflects legislative reforms since the guide was last revised, including changes to the industry codes regime under the Financial Sector Reform (Hayne Royal Commission Response) Act 2020. It also clarifies ASIC’s role in relation to industry codes and the criteria and process for obtaining and retaining ASIC approval, and aims to simplify the existing guidance where possible. While codes are not mandatory and do not have to be ASIC-approved, ASIC notes that approval signals to consumers that a code is one they can have confidence in. Submissions are due by 5pm on 1 September 2025, and ASIC indicates feedback will not be treated as confidential unless specifically requested.
Australian Securities & Investments Commission 2025-07-24
Australian Securities & Investments Commission consults on updated guidance for approving financial services sector codes of conduct
The Australian Securities & Investments Commission (ASIC) has proposed updates to Regulatory Guide 183 on financial services industry codes of conduct, seeking stakeholder feedback. The revisions incorporate changes from the Financial Sector Reform (Hayne Royal Commission Response) Act 2020, clarify ASIC's role and approval criteria, and aim to simplify guidance. While code approval is not mandatory, ASIC approval signals consumer confidence.