GRC Report Staff

APRA has confirmed that OnePath Custodians Pty Limited (OPC), part of the Insignia Financial Group, has fully satisfied its obligations under a Court Enforceable Undertaking (CEU) originally accepted in July 2024 for default contribution failures. The conclusion of the CEU, including the lifting of a AUD $40 Million capital overlay, demonstrates APRA's supervisory approach of enforcing accountability while recognizing genuine remediation efforts.

The Netherlands Data Protection Authority (AP) has reviewed the draft Regulation on the Experiment in Rehabilitation and Recovery Care (NR/REG-2701) under Article 36(4) GDPR and raised no objections. While this is a sector-specific healthcare regulation, it illustrates the AP's assessment framework for evaluating proportionality and data protection safeguards in draft legislation, which is instructive for compliance teams managing GDPR-related legislative consultations.

The FCA has flagged "Secure Beacon Finances" as an unauthorized entity potentially soliciting UK consumers for financial services without permission. Compliance teams should note this warning for financial crime monitoring, customer due diligence, and fraud prevention purposes, as consumers dealing with this firm have no recourse through the Financial Ombudsman Service or FSCS.

The FCA has added MPay Global to its Warning List as an unauthorized entity potentially providing or promoting financial services in the UK without permission. Consumers dealing with this firm have no access to the Financial Ombudsman Service or FSCS protection, and compliance teams should ensure this entity is screened against onboarding, payments, and third-party due diligence systems.

ASIC Instrument 2025/509 exempts deposit product issuers from disclosing specific interest rates in Product Disclosure Statements and termination values in periodic statements, provided alternative access methods are offered. The relief, effective the day after registration and repealed on 1 October 2030, reduces disclosure burden but requires issuers to implement compliant alternative disclosure mechanisms.

The FCA has issued a consumer warning identifying Velomarkets as an unauthorized firm operating in the UK without regulatory permission. Financial institutions and compliance teams should ensure this entity is screened against onboarding, payments, and third-party due diligence systems to prevent exposure to fraudulent or unauthorized activity.

ASIC's Regulatory Guide 146 sets out minimum training standards for AFS licensees and representatives who provide financial product advice to retail clients, outlining Tier 1 and Tier 2 education requirements based on advice type and product category. Compliance teams must ensure adviser training, assessment, and continuing education policies align with these standards, as licensees bear ultimate responsibility for adviser competency.