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Proposed updates to Regulatory Guide 234

Submission Date: 3 February 2026

The Law Council of Australia provided feedback to the Australian Securities and Investments Commission on the proposed updates to Regulatory Guide 234 Advertising financial products and services (including credit): Good practice guidance (RG 234).

This submission is made by the Legal Practice Section’s Australian Consumer Law Committee and Superannuation Committee, and the Business Law Section’s Financial Services Committee, collectively the Committees.

Summary

RG 234 provides important practical guidance on the application of the law with respect to misleading or deceptive conduct in advertising financial products and services. The Committees broadly support the proposed updates to RG 234, which help to ensure that the guidance remains relevant and fit-for-purpose. We particularly welcome:

  1. the inclusion of additional examples and case references that reflect ASIC regulatory and enforcement action in relation to advertising conduct;
  2. updating the guidance to reflect other forms of advertising such as sponsored content and “finfluencers” on social media;
  3. the addition of a quick-reference guide at Appendix 1; and
  4. the consolidation of guidance contained in Regulatory Guide 53 The use of past performance in promotional material (RG 53).

The Committees provide some further commentary below in respect of further possible updates that we believe may further enhance RG 234, including:

  1. providing greater clarity on the regulatory status of the guidance and the intersection with other relevant regulatory obligations;
  2. providing additional factual scenarios and examples; and
  3. consideration of emerging themes such as the use of technology for targeted advertising and other applications of artificial intelligence.
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Last Updated on 04/02/2026

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