ASIC RG 183 — ASIC Regulatory Guide – RG 183 Codes of conduct for the financial services and credit sectors

Page 1 REGULATORY GUIDE 183 Codes of conduct for the financial services and credit sectors December 2025 About this guide This guide is for:  applicants seeking ASIC approval of a financial services or credit sector code of conduct (code) under s1101A of the Corporations Act or s238A of the National Credit Act;  persons who are responsible for preparing, maintaining and ensuring compliance with these codes;  persons who are subscribers to codes or otherwise bound by codes; and  consumers and other persons who benefit from codes. It gives guidance on ASIC’s approach to approving codes, including how to obtain and retain approval. It also explains our role in the content and enforcement of codes. Page 2 REGULATORY GUIDE 183: Codes of conduct for the financial services and credit sectors © Australian Securities and Investments Commission December 2025 Page 2 About ASIC regulatory documents In administering legislation ASIC issues the following types of regulatory documents. Consultation papers: seek feedback from stakeholders on matters ASIC is considering, such as proposed relief or proposed regulatory guidance. Regulatory guides: give guidance to regulated entities by:  explaining when and how ASIC will exercise specific powers under legislation (primarily the Corporations Act)  explaining how ASIC interprets the law  describing the principles underlying ASIC’s approach  giving practical guidance (e.g. describing the steps of a process such as applying for a licence or giving practical examples of how regulated entities may decide to meet their obligations). Information sheets: provide concise guidance on a specific process or compliance issue or an overview of detailed guidance. Reports: describe ASIC compliance or relief activity or the results of a research project. Document history This guide was issued in December 2025 and is based on legislation and regulations as at the date of issue. Previous versions:  Superseded Regulatory Guide 183, issued 23 February 2005, amended 4 March 2005, reissued March 2013. Disclaimer This guide does not constitute legal advice. We encourage you to seek your own professional advice to find out how the applicable laws apply to you, as it is your responsibility to determine your obligations. Examples in this guide are purely for illustration; they are not exhaustive and are not intended to impose or imply particular rules or requirements. Page 3 REGULATORY GUIDE 183: Codes of conduct for the financial services and credit sectors © Australian Securities and Investments Commission December 2025 Page 3 Contents A Overview ........................................................................................... 4 The role of codes ............................................................................... 4 Types of codes .................................................................................. 5 Our approach to approving codes ..................................................... 5 B ASIC’s role in relation to codes ..................................................... 6 Code content ..................................................................................... 6 Code approval ................................................................................... 6 Code enforcement ............................................................................. 8 C Criteria for ASIC approval of codes ............................................. 11 Code approval criteria ...................................................................... 11 Threshold criteria ............................................................................. 11 Evaluative criteria ............................................................................ 12 Additional criteria determined by ASIC ............................................ 17 Supporting documents ..................................................................... 19 D The code approval process .......................................................... 20 Stages of approval ........................................................................... 20 Why updated codes need approval ................................................. 25 When we will revoke code approval ................................................ 26 Key terms ............................................................................................... 27 Related information ............................................................................... 29 Page 4 REGULATORY GUIDE 183: Codes of conduct for the financial services and credit sectors © Australian Securities and Investments Commission December 2025 Page 4 A Overview Key points Under the law, ASIC can approve, on application, codes of conduct for people and businesses who provide financial or credit services and those who issue financial products. This guide addresses: • ASIC’s role in relation to codes, including code content, code approval, and code enforcement (see Section B); • how we interpret and apply the criteria for code approval (see Section C); and • the process for obtaining code approval by ASIC, as well as the review, renewal and revocation of ASIC-approved codes (see Section D). The role of codes RG 183.1 Industry codes of conduct play an important part in how financial products and services and credit activities are regulated in Australia. Where they enjoy the support and commitment of the sponsoring industries, codes can deliver real benefits to both consumers and code subscribers. RG 183.2 We consider a code to be essentially a set of enforceable rules for the conduct of code subscribers. Codes should therefore improve consumer confidence in a particular industry or industries. RG 183.3 We believe that the primary role of a financial services or credit sector code is to raise industry standards and deliver substantial consumer benefits. RG 183.4 We expect an effective code to do at least one, and preferably more than one, of the following: (a) address specific industry issues and consumer problems not covered by legislation; (b) elaborate on legislation to deliver additional benefits to consumers; and/or (c) clarify what needs to be done from the perspective of a particular industry, practice or product to comply with legislation. RG 183.5 It is not mandatory for any industry in the financial services or credit sectors to develop a code. Where a code exists, it does not have to be approved by ASIC. We recognise that codes without ASIC approval (non-approved codes) can also play an important role in lifting industry practice and delivering better outcomes. Page 5 REGULATORY GUIDE 183: Codes of conduct for the financial services and credit sectors © Australian Securities and Investments Commission December 2025 Page 5 RG 183.6 However, where approval by ASIC is sought and obtained for a code, it is a signal to consumers that this is a code they can have confidence in and rely on. Types of codes RG 183.7 Industry codes in the financial services and credit sectors can take one of the following forms: (a) a voluntary code developed by industry, and not approved by ASIC; (b) a voluntary code developed by industry, and approved by ASIC under s1101A of the Corporations Act 2001 (Corporations Act) or s238A of the National Consumer Credit Protection Act 2009 (National Credit Act); or (c) a mandatory code prescribed by the Australian Government under s1101AE of the Corporations Act or s238F of the National Credit Act. RG 183.8 This regulatory guide primarily focuses on voluntary industry-developed codes submitted to ASIC for approval. However, we encourage code owners of voluntary codes not submitted for ASIC approval to also consider, and implement, the standards set out in this guide. Note: Section B contains some limited information about mandatory codes—see RG 183.26–RG 183.28 and RG 183.34–RG 183.35. Our approach to approving codes RG 183.9 ASIC’s role in relation to code content, code approval, and code enforcement is set out in Section B. RG 183.10 As set out in Section C, before approving a voluntary code, we: (a) must be satisfied that the code meets each of the threshold criteria; (b) must be satisfied that approval of the code is appropriate, having regard to the evaluative criteria—these are criteria that we will consider and balance when determining whether to approve a code; and (c) will consider any other matters relevant to the application, guided by additional criteria determined by ASIC. RG 183.11 ASIC approval of a code is not guaranteed. It is up to the code applicant to show how the code meets the criteria for approval. RG 183.12 The process for obtaining code approval typically involves four stages, as set out in Section D. We may revoke code approval if we consider that the code no longer meets the approval criteria and other requirements in this guide: see RG 183.115–RG 183.118. Page 6 REGULATORY GUIDE 183: Codes of conduct for the financial services and credit sectors © Australian Securities and Investments Commission December 2025 Page 6 B ASIC’s role in relation to codes Key points This section gives guidance on our role in relation to code content, code approval and code enforcement. The content of voluntary codes is a matter for the code owner, and we cannot require codes to be submitted to ASIC for approval: see RG 183.13–RG 183.15. We can approve voluntary codes related to activities of persons for which we have regulatory responsibility: see RG 183.16–RG 183.22. We consider approval on a case-by-case basis, having regard to the criteria for approval set out in Section C. Effective codes are enforceable through multiple mechanisms: see RG 183.23–RG 183.36. We can take direct enforcement action for breaches of enforceable code provisions in a voluntary code. Code content RG 183.13 Voluntary codes are developed by industry. We cannot require a voluntary code to be developed or submitted to ASIC to consider for approval. RG 183.14 We welcome early engagement from industry on the content of potential codes to be submitted for ASIC approval. While it is the role of the code owner to develop the code, we may provide feedback on issues that are relevant considerations for ASIC in determining whether to approve the code. Early engagement may assist ASIC to deal with applications for approval more efficiently. RG 183.15 Voluntary codes approved by ASIC may contain one or more ‘enforceable code provisions’, a breach of which constitutes a breach of the law. It is the role of the code applicant (or code owner) to identify and propose any enforceable code provisions. To be included in an approved code, an enforceable code provision must be agreed to by both the code applicant and ASIC, and also must meet certain statutory requirements: see RG 183.60– RG 183.63. Code approval RG 183.16 We can approve voluntary codes that relate to any aspect of the activities of persons for which we have a regulatory responsibility. This includes the activities of: Page 7 REGULATORY GUIDE 183: Codes of conduct for the financial services and credit sectors © Australian Securities and Investments Commission December 2025 Page 7 (a) Australian financial services (AFS) licensees; (b) authorised representatives of AFS licensees; (c) issuers of financial products; (d) Australian credit licence holders (credit licensees); and (e) credit representatives of credit licensees. RG 183.17 For code approval purposes, ASIC’s regulatory responsibility includes: (a) the licensing, conduct and disclosure obligations in Ch 7 of the Corporations Act; (b) the consumer protection provisions in Pt 2, Div 2 of the Australian Securities and Investments Commission Act 2001 (ASIC Act); (c) the obligations set out in the National Credit Act; (d) the obligations set out in the Insurance Contracts Act 1984; and (e) a range of conduct and disclosure obligations in the Superannuation Industry (Supervision) Act 1993. RG 183.18 We expect that the primary subscribers to an approved code will be AFS licensees or credit licensees, their representatives, and/or product issuers. RG 183.19 However, we may still consider approving a code that: (a) is open to subscription by others. For example, a code may only deliver substantial consumer benefits if its scope extends to third parties or intermediaries that are not directly regulated by ASIC, but that do business with ASIC-regulated entities; or (b) addresses some issues that are not directly within our regulatory responsibility. For example, a code may cover both activities clearly within our jurisdiction (such as deposit taking) as well as other activities (such as compliance with privacy obligations). RG 183.20 ASIC approval can be sought for: (a) an entirely new code that has not operated previously; (b) an existing, non-approved code (or an updated version of an existing, non- approved code); or (c) an updated version of a code previously approved by ASIC. Note: An updated code may take the form of an ‘amended code’ (amending a previously approved code) or a ‘replacement code’ (fully replacing a previously approved code). See RG 183.111–RG 183.114 for more information about approval of updated codes. RG 183.21 ASIC approval of any code is not guaranteed. We will determine whether a code is appropriate for ASIC approval on a case-by-case basis, having regard to the criteria for approval (see Section C) and, if necessary, after consultation with other key stakeholders. These stakeholders include Page 8 REGULATORY GUIDE 183: Codes of conduct for the financial services and credit sectors © Australian Securities and Investments Commission December 2025 Page 8 industry and consumer representatives, the Australian Financial Complaints Authority (AFCA), and other government agencies and regulators where relevant. We may also decide to make any approval conditional. RG 183.22 The requirements in this guide are not intended to affect the application of laws not administered by ASIC. Applicants should consider whether a code’s content also requires consultation with or authorisation from other government agencies or regulators. Code enforcement Assessing code enforceability RG 183.23 The extent to which code obligations can be enforced against code subscribers is a key criterion for ASIC in determining whether to approve a code: see RG 183.42–RG 183.65. RG 183.24 Effective codes are enforceable through multiple mechanisms. The following are key factors relevant to code enforceability: (a) the code being contractually binding on subscribers; (b) the ability of the independent code administrator to enforce the code, including by imposing appropriate sanctions for code breaches; (c) the availability of dispute resolution and other mechanisms to enable consumers to enforce the code and access redress for code breaches; and (d) the inclusion in the code of any enforceable code provisions, breach of which constitutes a breach of the law (and is therefore directly enforceable by ASIC). RG 183.25 In assessing code enforceability, ASIC considers all of the above factors. We are substantially more likely to approve a code that contains multiple and robust enforcement mechanisms. Enforcement by ASIC RG 183.26 In an ASIC-approved code, we can only directly take enforcement action for breaches of enforceable code provisions. We are also able to take direct enforcement action for breaches of provisions in a mandatory code. Note: At the date of issue for this regulatory guide, there are no ASIC-approved codes with enforceable code provisions, nor any mandatory codes in operation. RG 183.27 We can take court action seeking pecuniary penalties for breach of any enforceable code provision in an ASIC-approved code, and any civil penalty provision of a mandatory code. Page 9 REGULATORY GUIDE 183: Codes of conduct for the financial services and credit sectors © Australian Securities and Investments Commission December 2025 Page 9 RG 183.28 Table 1 sets out the applicable maximum pecuniary penalty for these breaches. Table 1: Maximum pecuniary penalty Provision type Maximum pecuniary penalty for breach Enforceable code provision in ASIC-approved code 300 penalty units Civil penalty provision in mandatory code As prescribed in regulations, but not exceeding 1,000 penalty units Note: The dollar value of a penalty unit is determined by s4AA of the Crimes Act 1914. RG 183.29 We are more likely to pursue enforcement action for breaches of enforceable code provisions where the misconduct giving rise to the breach is serious in nature. This is consistent with our general approach to enforcement in Information Sheet 151 ASIC’s approach to enforcement (INFO 151). Misrepresentations about codes RG 183.30 We will also consider enforcement action if misrepresentations are made about a code—for example: (a) representations that an entity complies with a code when it does not; (b) representations that a code has ASIC approval when it does not; or (c) misrepresentations about the scope or effect of a code, including what ASIC approval of a code means. Code monitoring RG 183.31 The code owner (through the independent code administrator, where appropriate) as well as code subscribers are responsible for monitoring code compliance. RG 183.32 However, from time to time, we will also monitor approved codes, including through review of: (a) periodic reporting to us by the code administrator; (b) information derived from liaison work with consumers (including consumer bodies) and industry, AFCA, or compliance monitoring and surveillance work; and (c) the results of any independent review of the code. RG 183.33 Where appropriate, we will engage with the code administrator on sector- wide monitoring or surveillance action by ASIC that relates to code compliance. Page 10 REGULATORY GUIDE 183: Codes of conduct for the financial services and credit sectors © Australian Securities and Investments Commission December 2025 Page 10 Reporting code breaches to ASIC RG 183.34 AFS and credit licensees may be required to report their breaches of code provisions to ASIC, under the breach reporting requirements in the Corporations Act and National Credit Act: see Regulatory Guide 78 Breach reporting by AFS licensees and credit licensees (RG 78). RG 183.35 Whether a code breach is reportable in its own right depends on the type of code and the type of code provision breached. The breach reporting requirements for both ASIC-approved and mandatory codes are set out in Table 2. Table 2: Reportable code breaches under the breach reporting regime1 Type of code Automatically reportable breaches Potentially reportable breaches (depending on the significance or nature of the breach) ASIC-approved code None Breaches of enforceable code provisions Mandatory code Breaches of civil penalty provisions2 Breaches of non-civil penalty provisions Note 1: For more information, see RG 78, s912D of the Corporations Act, reg 7.6.02A(2) of the Corporations Regulations 2001, s50A of the National Credit Act and reg 12A of the National Consumer Credit Protection Regulations 2010. Note 2: We have provided relief from the requirement to automatically report breaches of civil penalty provisions to ASIC in some circumstances: see section 6 of ASIC Corporations and Credit (Breach Reporting—Reportable Situations) Instrument 2024/620. RG 183.36 Where breaches of code provisions reflect a breach of the law, the underlying conduct may be reportable to ASIC (as set out in statute and RG 78). Page 11 REGULATORY GUIDE 183: Codes of conduct for the financial services and credit sectors © Australian Securities and Investments Commission December 2025 Page 11 C Criteria for ASIC approval of codes Key points This section gives guidance on the criteria for code approval that we apply, consisting of: • threshold criteria that a code must satisfy; • evaluative criteria that we will consider and balance when determining whether it is appropriate to approve a code; and • additional criteria determined by ASIC that we will usually consider when deciding whether to approve a code. Code approval criteria RG 183.37 There are three categories of criteria that we apply when considering approval of a voluntary code. RG 183.38 First, the code must meet each of the statutory threshold criteria: see Table 3. A code must satisfy all of the threshold criteria to be capable of receiving ASIC approval. RG 183.39 Secondly, we apply the statutory evaluative criteria: see Table 4. Unlike the threshold criteria, the evaluative criteria are balanced and considered as a whole when we are determining whether approval of a code is appropriate. RG 183.40 Finally, where relevant, we apply the additional criteria: see Table 5. These are criteria that we have determined we will consider when deciding whether to approve a code. We are less likely to approve a code that does not adequately address these criteria. Threshold criteria RG 183.41 Table 3 describes each of the threshold criteria for code approval. We must not approve a code of conduct unless we are satisfied that these criteria have been met. Page 12 REGULATORY GUIDE 183: Codes of conduct for the financial services and credit sectors © Australian Securities and Investments Commission December 2025 Page 12 Table 3: Threshold criteria for code approval Criteria Description of criteria Source of criteria Code provisions that are inconsistent with relevant Commonwealth laws impose more onerous obligations on subscribers  Any code provisions that are inconsistent with Commonwealth law must: − place a higher standard of conduct on subscribers than the Commonwealth law; − deliver better outcomes for consumers than the Commonwealth law; and − not prevent code subscribers from complying with the Commonwealth law.  Relevant Commonwealth laws are the Corporations Act, National Credit Act, or other Commonwealth laws under which ASIC has regulatory responsibilities. Statutory: see s1101A(3)(a) of the Corporations Act and s238A(3)(a) of the National Credit Act Any enforceable code provision has been agreed with the code applicant and is legally effective  Enforceable code provisions must meet the statutory requirements in s1101A(2) of the Corporations Act or s238A(2) of the National Credit Act as applicable.  The code applicant must agree to the form of all enforceable code provisions.  Enforceable code provisions must be expressed in clear and specific language to ensure legal effectiveness. Note: See RG 183.59–RG 183.65 for more information about enforceable code provisions. Statutory: see s1101A(2) and (3)(b) of the Corporations Act and s238A(2) and (3)(b) of the National Credit Act Evaluative criteria RG 183.42 Table 4 describes each of the evaluative criteria for code approval. We must not approve a code of conduct unless we are satisfied it is appropriate to approve the code, having regard to these matters. We will consider the evaluative criteria as a whole and assess whether, on balance, the code should be approved. Page 13 REGULATORY GUIDE 183: Codes of conduct for the financial services and credit sectors © Australian Securities and Investments Commission December 2025 Page 13 Table 4: Evaluative criteria for code approval Criteria Description of criteria Source of criteria Whether code obligations are capable of being enforced against code subscribers  Code obligations should be binding on code subscribers.  Code breaches should be enforceable by consumers and the code administrator (or other independent person or body).  Appropriate remedies and sanctions should be available for code breaches.  Does the code contain enforceable code provisions reflecting key commitments made by code subscribers? Note: See RG 183.43–RG 183.65 for more information. Statutory: see s1101A(3)(c)(i) of the Corporations Act and s238A(3)(c)(i) of the National Credit Act Whether the code applicant has effective administrative systems for monitoring compliance with the code and making monitoring information available  Code compliance should be subject to independent monitoring.  The outcomes of this compliance monitoring should be publicly reported at regular intervals (at least annually).  Any person or entity should have standing to make a complaint about code breaches. Note: See RG 183.66–RG 183.71 for more information. Statutory: see s1101A(3)(c)(ii) of the Corporations Act and s238A(3)(c)(ii) of the National Credit Act Whether the code applicant has effective administrative systems for maintaining, and making available, an accurate list of code subscribers  The code applicant should commit to, and demonstrate adequate arrangements for, maintaining and publishing a full list of code subscribers from commencement of the code.  The code subscriber list should remain up to date and publicly available while the code remains in effect. Statutory: see s1101A(3)(c)(iii) of the Corporations Act and s238A(3)(c)(iii) of the National Credit Act How we assess code enforceability RG 183.43 The enforceability of code provisions is a central consideration for ASIC approval, given its importance for code effectiveness. We will assess code enforceability by reference to the factors addressed below. RG 183.44 A code that fully covers these factors, and contains robust mechanisms for enforceability, is substantially more likely to receive ASIC approval. Contractually binding RG 183.45 Code subscribers should be contractually bound by the terms of the code (including any subsequent amendments to the code). RG 183.46 In most cases, subscribers will incorporate their agreement to abide by a code by contracting directly with the code administrator or other independent person or body that has the power to administer and enforce that code. In addition, we strongly encourage code owners to require subscribers Page 14 REGULATORY GUIDE 183: Codes of conduct for the financial services and credit sectors © Australian Securities and Investments Commission December 2025 Page 14 to incorporate their agreement in individual contracts with consumers (e.g. written directly into the terms and conditions of a particular product). Enforceable by independent body RG 183.47 An independent body or person (most commonly a code administrator) should be empowered to effectively administer and enforce the code, including by imposing appropriate sanctions for code breaches. RG 183.48 We expect the code applicant to demonstrate that this body or person: (a) is independent of the industry or industries that subscribe to the code and provide its funding (e.g. by having a balance of industry and consumer representatives and an independent chair); and (b) has adequate resources to fulfil all of its functions effectively (including code enforcement) and to ensure that code objectives are not compromised. RG 183.49 Code administrators may choose to delegate functions (not including sanctioning powers) to the AFCA Code Compliance and Monitoring team (which is a separately operated and funded business unit of AFCA). The agreement between the code owner and AFCA to provide those delegated functions should protect the independence of the code administrator’s governance, processes and decision making. Enforceable by consumers RG 183.50 In general, we expect all code obligations to be enforceable by consumers. For any alleged code breach, consumers should have access to internal dispute resolution (IDR) processes, an appropriate external dispute resolution (EDR) scheme (typically AFCA), and potentially also court or tribunal mechanisms. RG 183.51 A code should provide for adequate dispute resolution provisions, where they are not already available under applicable legislative obligations (e.g. the IDR and EDR obligations that already apply to AFS and credit licensees, such as membership of AFCA). A code may also extend IDR processes and EDR scheme availability beyond retail clients, and/or set benchmarks or performance measures that exceed a code subscriber’s legislative obligations. RG 183.52 All codes of conduct (whether approved or non-approved) can be relevant to AFCA’s assessment of what is fair in all the circumstances, and what good industry practice looks like when considering complaints. Under AFCA’s rules, AFCA decision makers must have regard to applicable industry codes or guidance, and good industry practice, standards typically set out in industry codes. In some cases, in assessing a consumer’s loss an AFCA decision maker may consider whether an industry code standard has been met as a factor that may have contributed to their loss and may award compensation. Page 15 REGULATORY GUIDE 183: Codes of conduct for the financial services and credit sectors © Australian Securities and Investments Commission December 2025 Page 15 RG 183.53 Whether the code forms part of the contractual relationship between the code subscriber and the consumer is also a matter that AFCA will take into account in considering complaints and the remedies available. RG 183.54 A code that is contractually binding on subscribers through incorporation into individual agreements with consumers (see RG 183.45–RG 183.46) also supports enforceability by consumers—for example, by enabling court action for contractual non-compliance. Remedies and sanctions RG 183.55 Where there has been a code breach, adequate remedies as well as sanctions should be available. RG 183.56 At a minimum, available remedies for code breaches should include: (a) compensation for any direct financial loss or damage caused by the breach, which could be made available through IDR and EDR mechanisms (as noted in RG 183.50–RG 183.53); and (b) the ability for the code administrator to impose binding requirements on a code subscriber to take (or not take) particular action to rectify or resolve the breach. RG 183.57 Separately, the code administrator should be empowered to impose sanctions for code breaches where appropriate, to deter non-compliance and support consumer confidence in the code. RG 183.58 Sanctions might include, for example, public naming of non-compliant code subscribers, formal warnings, corrective advertising orders, audits or training on code compliance, fines, suspension or expulsion from the industry association, and/or suspension or termination of subscription to the code. Note: Suspension or expulsion may raise competition issues requiring consideration by the Australian Competition and Consumer Commission (ACCC). Enforceable code provisions RG 183.59 In determining whether to approve a code, we will also consider whether the code contains any enforceable code provisions reflecting key commitments made by code subscribers. RG 183.60 A code provision is only identifiable as an enforceable code provision if it meets the following statutory requirements: (a) the provision represents a commitment by a code subscriber to a person, relating to transactions or dealings in relation to the person; and (b) a breach of the provision is likely to result in significant and direct detriment to that person. Page 16 REGULATORY GUIDE 183: Codes of conduct for the financial services and credit sectors © Australian Securities and Investments Commission December 2025 Page 16 Note: Any additional criteria or matters prescribed by the regulations must also be satisfied or given regard to (see s1101A(2) of the Corporations Act and s238A(2) of the National Credit Act). RG 183.61 Code provisions that are broad, aspirational, or in-principle in nature may not satisfy the requirement for an enforceable code provision to represent a commitment by a code subscriber to a person. RG 183.62 In considering the requirement for a breach of an enforceable code provision to likely result in significant and direct detriment, we may consider: (a) the nature and extent of the likely detriment arising, including both financial and non-financial detriment; and (b) the impact of the likely detriment on consumers, including for single or multiple breaches of the provision. RG 183.63 In addition to meeting the statutory requirements in RG 183.60 for identifying an enforceable code provision, each enforceable code provision must be agreed on with the code applicant and be legally effective. These are threshold criteria for code approval: see Table 3. RG 183.64 The inclusion of enforceable code provisions in a code will generally be considered to enhance code enforceability (all else being equal), as breaches of these provisions are privately actionable by consumers who have suffered damage as a result of the breach, and are also directly enforceable by ASIC. For our enforcement approach to breaches of enforceable code provisions, see RG 183.29. RG 183.65 However, the absence of enforceable code provisions from a code will not, of itself, typically result in ASIC declining to approve a code. As noted in RG 183.42, the evaluative criteria that apply to code approval will be considered as a whole. If there are no enforceable code provisions, we will still consider enforceability of the code in line with RG 183.43–RG 183.58. How we assess code compliance monitoring systems RG 183.66 Without appropriate monitoring mechanisms, code non-compliance may go undetected and unaddressed, reducing the effectiveness of the code. We will assess the adequacy of code compliance monitoring systems by reference to the following factors. Monitoring of code compliance RG 183.67 Code compliance should be subject to formal monitoring and reporting by an independent body or person (most commonly a code administrator): see RG 183.48 for our expectations on independence and resourcing. RG 183.68 The monitoring process overseen by the code administrator should include external or independent monitoring or auditing from time to time. If the Page 17 REGULATORY GUIDE 183: Codes of conduct for the financial services and credit sectors © Australian Securities and Investments Commission December 2025 Page 17 monitoring process relies on self-reporting by code subscribers, the code administrator should consider shadow-shopping exercises or other activities to check code compliance. Reporting of compliance monitoring outcomes RG 183.69 The outcomes of the compliance monitoring should be publicly reported at regular intervals, at least annually. This public reporting of compliance outcomes can take the form of de-identified information about the number of instances of, and reasons for, the code non-compliance identified. Public naming of non-compliant code subscribers will be appropriate in some circumstances. RG 183.70 Adequate arrangements should also be in place for systemic and serious code non-compliance to be reported to ASIC. Complaints about code non-compliance RG 183.71 Any person or entity (not just affected consumers) should be able to make a complaint about code non-compliance to the code administrator. Bodies such as consumer groups may be better placed than individual consumers to raise these concerns in some circumstances. Additional criteria determined by ASIC RG 183.72 Table 5 describes additional criteria that we will usually consider when deciding whether to approve a code. We are less likely to approve a code of conduct that does not adequately address these criteria. RG 183.73 We will also consider any other matters that are relevant to a particular application. Table 5: Additional criteria for code approval Criteria Description of criteria Source of criteria Code comprises a body of rules  The code comprises a body of rules and is not a single-issue industry guideline or arrangement. ASIC Code uses plain language and sets out its objectives, scope and rules  The code is expressed in plain language that is easy to understand and clearly sets out: − the objectives intended to be met by the code; − the scope of the code—including which industry sector(s) the code applies to, which products or services it applies to, and which consumers are covered; and − the rules and obligations set by the code. ASIC Page 18 REGULATORY GUIDE 183: Codes of conduct for the financial services and credit sectors © Australian Securities and Investments Commission December 2025 Page 18 Criteria Description of criteria Source of criteria Code sets standards that exceed or clarify existing legal requirements  The code: − delivers greater protections or other benefits to consumers than what is required under existing laws; and/or − provides greater clarity or specificity about matters covered by existing laws, without reducing the protections or other benefits accruing to consumers under those laws. Note: See paragraphs 1.41–1.42 of the Explanatory Memorandum to the Financial Sector Reform (Hayne Royal Commission Response) Bill 2020. ASIC Independent review of the code has been completed and incorporated (where applicable)  If a code submitted to ASIC for approval has been in operation for more than five years, an independent review must be completed before we will consider an application to approve the code. This applies to both codes that update existing ASIC-approved codes and codes not previously approved by ASIC.  The code owner should have considered and, where appropriate, incorporated the findings and recommendations from any independent review undertaken of the previous code. Note: See RG 183.84–RG 183.92 for more information. ASIC For an amended code or replacement code, it does not result in an overall reduction in consumer benefits or enforceability  For any application to amend or replace an existing approved code of conduct: − the code should not represent an overall reduction in consumer benefits, or enforceability or accountability mechanisms, compared with the approved code; and − removal of provisions from the approved code on the basis of duplication should be limited to provisions that are fully duplicative of existing legislative requirements. Note: See RG 183.74–RG 183.75 for more information. ASIC How we assess amended or replacement codes RG 183.74 For any application to amend or replace an existing approved code of conduct, the code should not reflect an overall reduction in consumer benefits or reduced enforceability or accountability mechanisms, compared with the approved code. RG 183.75 If an amended or replacement code proposes removing an existing code provision, on the basis that it duplicates a legal requirement, the onus will be on the code applicant to demonstrate that, compared to the code provision proposed to be removed, the legal requirement involves the same or greater: (a) obligation to be met; Page 19 REGULATORY GUIDE 183: Codes of conduct for the financial services and credit sectors © Australian Securities and Investments Commission December 2025 Page 19 (b) coverage in terms of persons or entities subject to the legal requirement; (c) coverage in terms of consumers or other persons who obtain a benefit from the legal requirement; and (d) remedies and sanctions for breach. Supporting documents RG 183.76 Beyond the code itself, there may be related documents relevant to the administration and practical operation of the code—for example: (a) documents setting out the process for how the code administrator monitors code compliance and handles non-compliance issues; (b) the form of agreement by which code subscribers agree to be bound by the code; and/or (c) issue-specific protocols or guidelines that the code requires subscribers to comply with. RG 183.77 While we will not generally need to expressly approve these code-related documents, we will examine whether the code, when read in conjunction with them, meets the approval criteria set out in this section. RG 183.78 We will consider if any of these code-related documents should be made publicly available, and may request their publication. RG 183.79 We may also require that ASIC be notified of any subsequent changes made to these related documents. Page 20 REGULATORY GUIDE 183: Codes of conduct for the financial services and credit sectors © Australian Securities and Investments Commission December 2025 Page 20 D The code approval process Key points This section outlines the process for obtaining and retaining ASIC approval for a code: see RG 183.80–RG 183.110. It also sets out: • why updated codes require approval (see RG 183.111–RG 183.114); and • when we will revoke code approval (see RG 183.115–RG 183.118). Stages of approval RG 183.80 Obtaining code approval typically involves four stages: see Figure 1. These stages are indicative only. Not all codes will proceed through each stage, or in the sequence presented. Figure 1: Stages of approval for codes RG 183.81 Before formal ASIC approval of a code, the code owner (or code applicant) will engage with ASIC on the content of the proposed code. Early versions of supplementary materials to support the formal code approval application (see RG 183.103) may also inform this engagement. RG 183.82 We will consider whether the code is likely to satisfy the threshold, evaluative and additional criteria outlined in Section C (including enforceability and monitoring mechanisms), and may provide feedback on issues that are relevant considerations for us in determining whether to approve the code. Stage 1: Code development (including updates) RG 183.83 The code development process is important for the effectiveness of the code and the degree of confidence in it. We expect code development (including Stage 1 Code development (incl. updates) Stage 2 Consultation on draft code Stage 3 Code submission Stage 4 Code approved and takes effect Engagement with ASIC on code content Page 21 REGULATORY GUIDE 183: Codes of conduct for the financial services and credit sectors © Australian Securities and Investments Commission December 2025 Page 21 updates) to occur in an appropriately consultative manner. In most cases, it would be appropriate for the code owner to appoint an independent party to consider the broad range of stakeholder views and information and make public recommendations about the code: see RG 183.84–RG 183.92. Note: If an independent review has not been conducted, we expect similar consultative processes to have been followed prior to code drafting. Independent review RG 183.84 An independent review will usually be the first step toward the development of a new or updated code. Independent review can play a key role in shaping code content and ensuring that a code ultimately delivers real benefits to consumers. RG 183.85 We expect the independent reviewer to consult publicly (this is a statutory requirement for previously approved codes—see RG 183.89) and to engage with at least: (a) relevant consumer representatives, to ensure that issues of concern to consumers are identified and considered; (b) potential or existing code subscribers, to ensure that subscribers would be willing and able to comply with proposed code content; and (c) AFCA, ASIC and the code administrator, if applicable. RG 183.86 Transparent procedures and careful consideration of stakeholder views and information are essential for the independent review. The review process may include discussion papers, reviewing relevant IDR and EDR complaints data, and conducting stakeholder roundtables and other engagement to find mutually acceptable solutions on how the code might respond to identified consumer and industry issues. RG 183.87 Key supporting documents relevant to the administration and practical operation of a code (such as a Code Compliance Committee Charter) should also be considered as part of the independent review, to support the code’s overall credibility and effectiveness. Statutory requirements for independent review RG 183.88 For codes that we have previously approved, the conduct of an independent review at least every five years is a statutory requirement: see s1101AB of the Corporations Act and s238C of the National Credit Act. RG 183.89 An independent review of an approved code must be subject to public consultation: see s1101AB(2) of the Corporations Act and s238C(2) of the National Credit Act. The review must be completed: (a) within five years of the day the code of conduct was approved by ASIC (for the first review); or Page 22 REGULATORY GUIDE 183: Codes of conduct for the financial services and credit sectors © Australian Securities and Investments Commission December 2025 Page 22 (b) within five years of the day that the report of the previous review was provided to ASIC (for subsequent reviews). RG 183.90 The review is completed when the report of the review is given to ASIC. Within 10 business days of providing the report of the review to ASIC, the code owner must publish the report on its website. RG 183.91 In addition to the statutory requirements, ASIC expects that: (a) code owners will keep the independent review report publicly available and readily accessible for at least five years and preferably longer, to inform future reviews; and (b) non-approved codes that have been operating for more than five years will follow the same independent review process as set out above. For such codes, our policy is to require it to have been independently reviewed before considering an application for approval. Earlier reviews encouraged where appropriate RG 183.92 The code owner can arrange for the independent review to be undertaken at an earlier time. We encourage earlier review where appropriate—for example, a change to the law or the emergence of an important issue affecting consumers may prompt an earlier review of a code. Code drafting RG 183.93 The code owner should consider the independent review findings and recommendations, issue a public response to each recommendation, and commence drafting a new or updated code in consultation with code subscribers and other stakeholders. RG 183.94 We expect the recommendations of the independent review to be considered and addressed to the greatest extent possible in drafting the new or updated code. The review and implementation of any recommendations should also be completed within a reasonable timeframe to maintain confidence in the process. Stage 2: Consultation on the draft code RG 183.95 Both the code owner and ASIC may consult with other parties on the draft code. RG 183.96 We encourage the code owner to consult publicly on the draft code. The code owner may also conduct further consultation with code subscribers or other stakeholders up to the point of submitting a code to ASIC for approval. RG 183.97 We may consult directly on the draft code with other government agencies, AFCA, the relevant code administrator or other key stakeholders, and/or Page 23 REGULATORY GUIDE 183: Codes of conduct for the financial services and credit sectors © Australian Securities and Investments Commission December 2025 Page 23 seek feedback through public consultation. We will consider all feedback and, to the extent relevant and appropriate, we may incorporate aspects of the feedback into our discussions with the code owner and into our final decision on approving the code. RG 183.98 We will be more likely to consult publicly if: (a) the proposed code represents a major change for code subscribers or consumers; (b) the content of the code is contested, with significant differences in stakeholders’ views; (c) independent review recommendations were not fully adopted by the proposed code; and/or (d) consultation by the code owner was insufficient. RG 183.99 The draft code may be revised by the code owner based on the feedback received through consultation, and further considered by ASIC. Office of Impact Analysis RG 183.100 ASIC approval of an industry code has the potential to result in a more than minor change in behaviour or impact for people or businesses. Because of this, before approving the code we will liaise with the Office of Impact Analysis (OIA) to determine whether a formal Impact Analysis is required. If this is required, we will engage with the code owner on the Impact Analysis process, requirements, and timeframes. Note: For more information on the Impact Analysis process, see the OIA website. Stage 3: Code submission RG 183.101 Following the completion of any additional consultations and revisions to the draft code, the code owner (or code applicant) submits the proposed code to ASIC for approval. The code owner may first submit a draft code to ASIC, then after further engagement with ASIC, make any additional adjustments before the final code is submitted for ASIC approval. RG 183.102 The code owner must submit the code for approval through the ASIC Regulatory Portal. A fee will be payable. RG 183.103 The code owner should provide the following supplementary materials to support their application (where applicable): (a) a summary table outlining how the code satisfies each of the approval criteria; (b) details of the conduct of an independent review (including evidence of broad consultation with stakeholders) and/or any other pre-approval consultation undertaken (see RG 183.83–RG 183.96); Page 24 REGULATORY GUIDE 183: Codes of conduct for the financial services and credit sectors © Australian Securities and Investments Commission December 2025 Page 24 (c) details of how any independent review recommendations have been adopted, and an explanation for any recommendations not adopted; (d) details of any other changes made to the code (including reasons); (e) details of the history of the operation of the code; (f) details of subscribers to the code, including samples of any contractual agreements that code subscribers must enter into with consumers directly and/or with the code administrator to affirm they will comply with the code; (g) all relevant code-related documents (see RG 183.76–RG 183.79); and (h) details of the resourcing proposed to be made available to the code administrator. RG 183.104 If the application is for a replacement code (i.e. an updated code that will replace an existing approved code), the code owner will also need to formally apply for revocation of the previous code. Stage 4: Code approved and takes effect RG 183.105 In this stage, we will formally approve the code by making a legislative instrument. If the code being approved is a replacement code, ASIC will also make a legislative instrument to revoke approval of the previous code. Note 1: Under the Legislation Act 2003, legislative instruments are generally required to be tabled in Parliament and are subject to a disallowance process. Legislative instruments are also repealed automatically after 10 years (or earlier date specified in the instrument), unless remade. Note 2: We may, by legislative instrument, approve a variation to an existing approved code if the code owner seeks approval for an amended code. RG 183.106 Once the code has been formally approved, we expect the code owner to publish the code on their website as soon as practicable. RG 183.107 The code approval will take effect on a specified future date agreed to by ASIC and the code owner. This date will generally take into account the time required for code subscribers to make any adjustments to their systems and processes to ensure code compliance. RG 183.108 Once the code is operational, a key ongoing responsibility of code owners is monitoring and oversight. As discussed in Section C, an independent code administrator will be empowered and adequately resourced to monitor and enforce code compliance. Effective monitoring supports code compliance by code subscribers, and ensures that the code itself remains relevant in delivering benefits to consumers, and therefore continues to meet our approval criteria over time. Page 25 REGULATORY GUIDE 183: Codes of conduct for the financial services and credit sectors © Australian Securities and Investments Commission December 2025 Page 25 RG 183.109 The code owner (through the independent code administrator where appropriate) should also ensure that: (a) code subscribers’ staff are appropriately trained in the code and that subscribers make provision for this training; and (b) the code is adequately promoted. Note: Examples include providing training for community sector case workers on code provisions, ensuring that all subscribers have copies of the code at public offices, or communicating code information through call centre hold messages or in Product Disclosure Statements. Independent review of approved codes RG 183.110 Once approved, the code owner must ensure that an independent review of the code is conducted at least every five years. Independent reviews support the continued relevance of the code and its responsiveness to consumer experiences. For more detail on the independent review process and how it informs the development of an updated code, see RG 183.84–RG 183.94. Why updated codes need approval RG 183.111 We expect that an existing approved code will need to be updated (i.e. either amended or replaced) periodically in response to: (a) recommendations resulting from its regular, independent review; (b) the emergence of new consumer, industry or market issues; (c) changes to the relevant laws that regulate the conduct of the industry participants who are subscribers to the code; (d) an expanded subscriber base, which involves the code covering a new sector of the industry; and/or (e) any other circumstance requiring procedural or technical changes to the code. RG 183.112 Generally, if a code is updated, we consider that it is no longer the same as the version we originally approved. RG 183.113 To update an approved code of conduct, the code owner (or code applicant) will need to apply to ASIC for approval. In assessing an updated code, we will consider whether the code satisfies the criteria in Section C. Note: ASIC will use reasonable judgement in deciding to what extent it reassesses a code of conduct, and will implement a streamlined approval process where appropriate. For example, variations of a minor or targeted nature may not require ASIC to review a code in its entirety. RG 183.114 If we do not approve the updated code but the code owner wishes to proceed with it, the code owner (or code applicant) should apply for revocation of the Page 26 REGULATORY GUIDE 183: Codes of conduct for the financial services and credit sectors © Australian Securities and Investments Commission December 2025 Page 26 approval of the previous code so that consumers are not misled and to avoid uncertainty about the status of the previous code. When we will revoke code approval RG 183.115 Because ASIC approval of a code is a signal to consumers about the value and effectiveness of a code, approval should only remain in place for codes that are effective and are delivering significant benefits to consumers. Consumers need to be confident that a code with our approval continues to meet the criteria and other requirements set out in this guide. RG 183.116 We will take appropriate action if we consider that a code no longer meets these criteria and requirements. We may revoke any code approval we have granted if: (a) we consider that the code no longer meets (or substantially meets) the criteria outlined in Section C; (b) a code no longer has any current subscribers or ceases to have a sufficient number of subscribers to be viable; (c) a five-year independent review has not been completed in accordance with RG 183.84–RG 183.92; or (d) the original code applicant, code owner or code administrator applies for revocation of approval (a fee will be payable). RG 183.117 When deciding whether to revoke approval of a code, we will apply the principles of procedural fairness, including providing code owners with an opportunity to state their case and, usually, an opportunity for corrective action. RG 183.118 We will publicise code revocations on the ASIC website. Page 27 REGULATORY GUIDE 183: Codes of conduct for the financial services and credit sectors © Australian Securities and Investments Commission December 2025 Page 27 Key terms Term Meaning in this document ACCC Australian Competition and Consumer Commission AFCA Australian Financial Complaints Authority—The EDR scheme for which an authorisation under Pt 7.10A of the Corporations Act is in force AFS licensee A person who holds an Australian financial services licence ASIC Australian Securities and Investments Commission ASIC Act Australian Securities and Investments Commission Act 2001, including regulations made for the purposes of that Act ASIC-approved code A code developed by industry that has been approved by ASIC under s1101A of the Corporations Act or s238A of the National Credit Act authorised representative (of an AFS licensee) A person authorised by an AFS licensee, in accordance with s916A or 916B of the Corporations Act, to provide a financial service or financial services on behalf of the licensee code For the purposes of this guide, a financial services or credit sector code of conduct code administrator The independent person or body appointed by the code owner to administer, monitor compliance with, and enforce the code. In some contexts, the code administrator may take the form of, and be referred to as, a code compliance committee or code monitoring body code applicant The person or body who submits a code to ASIC for the purposes of requesting approval under s1101A of the Corporations Act or s238A of the National Credit Act. This may be the code owner or a representative of the code owner code of conduct Has the same meaning as code of practice code owner The person or body (typically an industry association) who is ultimately responsible for preparing, maintaining and ensuring compliance with the code. The code owner may appoint a code administrator to undertake activities related to the functions and responsibilities of the code owner under the code code subscriber An industry participant who has signed up to, and thus committed to complying with, the code Page 28 REGULATORY GUIDE 183: Codes of conduct for the financial services and credit sectors © Australian Securities and Investments Commission December 2025 Page 28 Term Meaning in this document Corporations Act Corporations Act 2001, including regulations made for the purposes of that Act credit licensee A person who holds an Australian credit licence under s35 of the National Credit Act credit representative A person authorised to engage in specified credit activities on behalf of a credit licensee or registered person under s64(2) or 65(2) of the National Credit Act EDR External dispute resolution enforceable code provision A provision of a code approved by ASIC that meets certain statutory requirements: see Section C at RG 183.60–RG 183.63 IDR Internal dispute resolution IDR process An internal dispute resolution process that complies with standards and requirements made or approved by ASIC issuer (in relation to a financial product) Has a meaning affected by s761E of the Corporations Act mandatory code A code prescribed by the Australian Government under s1101AE of the Corporations Act or s238F of the National Credit Act National Credit Act National Consumer Credit Protection Act 2009, including regulations made for the purposes of that Act non-approved code A code developed by industry that has not been approved by ASIC under s1101A of the Corporations Act or s238A of the National Credit Act OIA Office of Impact Analysis retail client A client as defined in s761G of the Corporations Act Page 29 REGULATORY GUIDE 183: Codes of conduct for the financial services and credit sectors © Australian Securities and Investments Commission December 2025 Page 29 Related information Headnotes AFCA, AFS licensees, amendments, approval, code administration, compliance, content, credit licensees, development, EDR, enforceability, enforceable code provisions, financial services, IDR, industry codes, internal and external dispute resolution, monitoring, review, revoking code approval Regulatory guides RG 78 Breach reporting by AFS licensees and cre