The Australian Securities and Investments Commission (ASIC), Australia’s company and financial services market regulator, released its latest Corporate Plan 2023-27. ASIC’s four year plan provides companies and organisations with useful insight into the regulator’s strategic priorities in respect of compliance and enforcement. This update provides an overview of ASIC’s plan.
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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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The ACCC is continuing to monitor businesses for making false and misleading representations concerning the existence, exclusion or effect of warranties and consumer guarantees. This article provides guidance on some steps businesses can take to minimise risk of contravention of the Australian Consumer Law.
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