CREW members gathered virtually to examine systemic issues arising from complaints. With the fifth anniversary of ASIC’s RG271 provisions on complaints handling looming, many are taking stock of their processes, questioning whether their frameworks are fit-for-purpose and whether they can readily demonstrate compliance should the regulator come knocking.

I recently moderated a panel on this topic at the Future Fund Admin Conference with three guest speakers – Kerry Vogel (Head of Insurance Claims, Performance and Delivery at CBUS Super Fund) Jocelyn Furlan (Non-executive Director and Chair) and Alison Bodinnar (Insurance and Superannuation Executive). There were quite a few moments that stuck with me.

ASIC dropped Report 833 and if you work in platform land, your life just got busier! When something like this lands, the size of the job in front of you has very little to do with the report itself. It has almost everything to do with the product governance framework you (probably) built years ago.

Receiving a Section 19 notice is one of the most stressful things that can happen in your professional life. Most people in risk and compliance assume it won't happen to them. Judith Charlton thought the same thing, right up until it did. Judith joined our recent CREW webinar to share what the experience actually looks like, from the moment the notice lands to what comes after the interview.

CREW recently brought together a room of senior women in risk and compliance in Melbourne to talk honestly about that version of the job where you might be the only person in the room who sees the problem clearly, and also the only person whose job it is to say something about it. What follows are the takeaways the speakers have agreed to share.

Most product disclosure statements technically satisfy the regulatory standard. They are clear, concise and effective - on paper. At our recent PDS Managers Roundtable we heard from guest speaker Mia Lander, a clinical psychologist - we are designing PDSs for an ideal reader and that reader almost never exists - least of all at the time that a disclosure is actually read.

Design and Distribution Obligations (DDO) have now been embedded in the regulatory landscape for several years. Most organisations have completed the foundational work. TMDs are in place, frameworks are documented and processes exist. The question ASIC is now asking is more direct. Can you demonstrate that your framework is working in practice?

In financial services, the problem with hiring strong Product Management talent is not usually a lack of applicants. It is finding the right people in a market that is changing fast, where adaptability matters just as much as technical skill. A worthwhile read from our friend Victoria Butt at Parity Consulting.