Super Alert – 9 October 2026: ACCC merger control regime fact sheet, AFCA updated to Rules and Systemic Issues Insights Report published

Welcome to the weekly KHQ Super Alert. This week AFCA published an update to its Rules and published the results of its report into the systemic issues of financial firms observed through the second half of FY25-26. Meanwhile the ACCC published a fact sheet outlining its enforcement approach of the merger control regime notification requirements.

ACCC – Merger regime notification requirements fact sheet published

On 8 October 2026, the ACCC published a fact sheet outlining the regulator’s approach to the enforcement of the notification requirements under the merger control regime.

The fact sheet provides a range of non-exhaustive factors the ACCC may consider when determining whether to apply to the Federal Court for orders where it becomes aware of an acquisition that was required to be notified, but was not. These include, but are not limited to:

• the object of the relevant legislation and the merger control regime;
• the industry and market that may be impacted;
• the size of the transaction and relevant parties;
• the reasons for the failure to notify;
• the public interest;
• whether the acquirer is prepared to offer a remedy to address competition concerns; and
• whether the action is likely to be educative or a general deterrent.

‘No single factor will necessarily be determinative of whether the ACCC would or would not be likely to exercise its discretion to take enforcement action.’

The ACCC also updated its ‘Frequently asked questions about merger reform’ document. Click here and here for details.

AFCA – Update Rules published

On 8 October 2026, AFCA published an update to its Rules which come into immediate effect. As previously mentioned in our Super Alert of 5 June 2026 the update to AFCA’s rules includes amendments to rules C.1.4b) and C.1.4d) so that AFCA can consider complaints about the solicitation or use of adverse genetic testing results in life insurance. The Rules remain otherwise unchanged.

Click here and here  for details.

AFCA – Systemic Issues Insights Report published

On 6 October 2026, AFCA published its Systemic Issues Insights Report, outlining the systemic issues it observed over the second half of the 2025-26 financial year. Beyond the systemic issues identified, the report also outlines markers of excellence and practical insights to help financial firms strengthen controls, improve consumer outcomes and reduce the risk of harm.

For the superannuation sector, the key themes observed by APRA included:

• trustees should have sufficient oversight of insurance claim decisions to form their own view on claims, as reliance on insurer expertise is not sufficient; and
• there is a need for valid member instructions to remain visible until an intended transaction is complete. Through the period AFCA noted that often valid member instructions did not consistently result in the expected transaction or account outcome.

‘Matters reviewed during the period included trustee oversight of insurer decisions, delays in member transactions, automated processing failures and reconciliation controls that did not identify incomplete transactions promptly.’

Click here and here for details.

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