ASIC’s latest Enforcement and Regulatory Update Report (for the period October to December 2023) reveals ASIC’s focus on protecting consumers and Australians generally by targeting digitally enabled misconduct – including stopping online investment scams at the source and taking down scam websites. This is in addition to ASIC’s continuing focus on strengthening financial market integrity, insurance institution failures, greenwashing and improving regulatory and legal compliance
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Federal Court proceedings recently commenced by the ACCC against national fashion retailer, Mosaic Brands Limited, places businesses on notice to make sure that they can comply with their advertised delivery timeframes and deliver on time – or risk high penalties for making false or misleading representations to consumers in breach of the Australian Consumer Law. Mosaic Brands Limited owns Katies, Noni B and Rivers.
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In the ACCC;’s second submission to the Australian Government’s Competition Review, the ACCC is calling for urgent reforms to Australia’s current laws governing mergers and acquisitions to ensure they are effective in preventing anti-competitive transactions and acquisitions which have the effect of harming consumers and competition.
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This update provides an overview of the new AANA Children’s Advertising Code (which comes into effect on 1 December, 2023), as well as the AANA Code of Ethics for marketing and advertising and the Broadcasting Services (Australian Content and Children’s Television) Standards 2020 which regulates advertising content directed to children.
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Recognising the impact of current rising cost of living on Australian consumers, areas of ACCC scrutiny for 2023/24 include competition/anti-competitive conduct, fair trading and consumer protection issues in the digital economy, the energy, telecommunications and gas markets, environmental and sustainability claims, unfair contract terms and the financial services sector.
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