Want to learn more?
Subscribe to receive our latest Risk and Compliance Insights and Research as they become available.
Assessing Patient Perceptions of Telehealth
Learn about our 2022 National Healthcare Research ProjectA piece of new regulation under the spotlight is the Hawking Prohibition.
The ‘hawking prohibition’ as it is often referred to applies when a retail client (consumer – a person or small business) is:
The new obligations are designed to further protect consumers from unsolicited offers of financial products, and from being pressured into buying products that they do not want or do not meet their needs.
The issuer or seller of a financial product, as well as their agent or representative (the offeror), must understand what the changes are, when and how they apply. Training is key so that it can be demonstrated that they have a clear understanding of:
It is also critical to ensure operational systems and supporting processes and resources are in place to efficiently manage and control the capture, storing, and reporting on the ongoing performance to anti-hawking obligations.
Enabling those on the frontline to comply, and those who are responsible for governance and oversight to regularly analyse and take corrective measures where needed, will be key to your sustained success.
Including KPIs in your performance management framework that aligns to each individual’s practices and behaviours to the hawking prohibition and your organisation’s code of conduct will help drive continued awareness and compliance.
The new hawking prohibition obligations work together with new product design and distribution, complaints handling and breach reporting obligations, all of which require embedded compliance plans and processes that monitor and address issues and adhere to specific mandated timeframes.
As the projects to put all this in place wind down, are those who will be accountable day-to-day equipped with the appropriate knowledge and supporting resources, tools and processes to enable them to successfully deliver on the new obligations?
Subscribe to receive our latest Risk and Compliance Insights and Research as they become available.
New Financial Design & Distribution Obligations are approaching. Be prepared & have ongoing management & execution to support continued compliance.
3 important considerations to reflect on following new ASIC breach reporting obligations. Complete our free high-level assessment to evaluate efforts to BAU.
New Internal Dispute Resolution regulation now applies to complaints received by financial firms. Here are the key considerations for financial organisations.
With new Financial Services Design and Distribution Obligations due 5th of October 2021 there are 5 important issues to consider in preparation.
We use cookies to enhance your experience. Further use is considered consent. You can read more about cookies in our Privacy Policy.
You’ll always get a real person when you contact Insync.
Let's get started