Mackay Chapman December 2025 ASIC Update

In this month’s ASIC update:

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• A Final reminder for financial advisers ahead of 2026 deadline
• ASIC proposes a major refresh of its advertising guidance for financial products
• Stamp duty and private debt in the spotlight as ASIC launches new consultation
• ASIC pursues contempt action over alleged breaches of freezing orders
• Super trustees urged to accelerate retirement support as new Pulse Check reveals widening gaps
• Cbus hit with $23.5m penalty for major failures in processing death and disability claims

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Keep reading for more information and key details.

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Final reminder for financial advisers ahead of 2026 deadline

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ASIC has issued a final warning to financial advisers who plan to provide personal advice in 2026: ensure you meet the education and training requirements and verify your details on the Financial Advisers Register before 31 December 2025.

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A new webpage with step-by-step guidance and troubleshooting tips has launched to help AFS licensees update adviser qualifications and experience records. 

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As of 20 November, nearly 2,400 advisers still hadn’t met the standard, with many yet to notify ASIC of their reliance on the experienced provider pathway.

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Advisers who don’t meet the qualifications by 1 January 2026 will lose their authorisation and must complete a professional year and an approved degree before returning to practice. 

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ASIC proposes a major refresh of its advertising guidance for financial products

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ASIC has released proposed updates to Regulatory Guide 234, its key guidance on how financial products and services can be advertised without misleading consumers.

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The refresh (the first since 2012) aims to modernise and simplify the framework by:

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• Reflecting more than a decade of enforcement activity related to advertising misconduct

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• Consolidating guidance from RG 53, which covers the use of past performance in promotional material (RG 53 will be withdrawn once the updates take effect)

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• Streamlining expectations so promoters, advisers, credit providers, and publishers have a single, clearer reference point

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Stakeholders can review the proposed revisions and submit feedback to ASIC by 22 January 2026.

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Stamp duty and private debt in the spotlight as ASIC launches new consultation

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ASIC is calling for submissions on two proposed changes affecting superannuation funds and investment managers, following its targeted review of investment disclosure requirements earlier this year.

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The regulator is proposing:

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• A new approach to stamp duty reporting, shifting from annual disclosure to a seven-year average in fees and costs summaries.

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• Greater transparency and consistency for private debt, by extending class order relief so internally-managed private debt is treated the same as externally-managed private debt for portfolio holdings disclosure.

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ASIC Commissioner Simone Constant said the changes aim to strike the right regulatory balance while maintaining meaningful disclosure for members.

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ASIC has also committed to bringing forward a broader review of RG 97 in the 2026–27 financial year, given wider industry calls to revisit other elements of the fees and costs regime.

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Feedback is open until 20 February 2026.

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ASIC pursues contempt action over alleged breaches of freezing orders

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ASIC has launched Federal Court contempt proceedings against David McWilliams and Laura Fullarton, alleging they moved hundreds of thousands of dollars out of frozen accounts linked to the ALAMMC Group.

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ASIC claims Mr McWilliams withdrew or transferred almost $300,000 from frozen bank and undisclosed crypto accounts, failed to declare racehorse and crypto interests, diverted prize money, and sold a 5% horse share in breach of the orders. 

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Ms Fullarton is accused of moving over $245,000 from frozen accounts, exceeding permitted living expenses by up to $113,270.

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ASIC says the alleged conduct undermines the asset-preservation regime and obstructs efforts to recover investor funds. 

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The contempt action follows the Court’s recent decision to wind up remaining ALAMMC companies due to concerns about their viability and handling of investor money.

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Super trustees urged to accelerate retirement support as new Pulse Check reveals widening gaps

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ASIC and APRA have released the 2025 Retirement Income Covenant Pulse Check, which reveals a growing divide between trustees who are meaningfully improving retirement strategies – and those still making only incremental adjustments, despite obligations being in place for more than three years.

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The regulators found many trustees remain slow to uplift their retirement income strategies, even as 1.5 million Australians are already in retirement, and another 2.5 million will follow over the next decade.

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ASIC Commissioner Simone Constant stressed that trustees collectively manage almost $600 billion on behalf of retirees and must do more to meet member needs, especially as an increasing number of funds will have a majority of members in the retirement phase by 2045.

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The report urges all trustees to align with identified better practices and to close gaps in retirement support, communication, and risk management.

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Cbus hit with $23.5m penalty for major failures in processing death and disability claims

The Federal Court has ordered Cbus trustee United Super to pay $23.5 million.

The ruling comes after systemic delays in processing death and TPD claims left more than 7,000 members and beneficiaries waiting – often for more than a year.

The penalty exceeds the fund’s FY24 revenue and comes on top of Cbus’s $32 million remediation program to compensate affected members for lost earnings and wrongly charged fees.

In one case, a widow waited 15 months for her late husband’s death benefit. The issue only escalated after she spoke publicly on ABC Radio.

Justice O’Callaghan noted that a fund of Cbus’s size (over $95 billion in assets) should have had far more robust systems in place, especially given the known increase in claim volumes and customer complaints.

Cbus must now undertake an independent compliance review of its systems and processes.

The contents of this article and any linked articles do not constitute legal advice, are not intended to be a substitute for legal advice, and should not be relied upon as such. They are designed and intended as general information in summary form, current at publication, for general informational purposes only. You should seek legal or other professional advice concerning any particular legal matters you or your organisation may have.

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