The Australian Securities and Investments Commission (ASIC) is revising its regulatory guidance on advertising financial products and services, the first comprehensive update to the framework in over a decade. ASIC announced the initiative on Nov. 27, seeking stakeholder input on proposals intended to update the rulebook and consolidate dispersed guidance into a single resource for compliance.
ASIC is updating Regulatory Guide 234: Advertising financial products and services (including credit): Good practice guidance (RG 234) to reflect enforcement trends and regulatory decisions since the guide’s initial publication in 2012. The revision will incorporate material from Regulatory Guide 53 (RG 53) regarding the use of past performance in promotional materials, combining all advertising-related guidance into one reference point.
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The consolidated guidance will address the legal obligations of entities to refrain from making false statements or engaging in misleading conduct when promoting financial products, credit services, and associated offerings. Stakeholders affected by the updated guidance include product promoters, financial advisors, credit providers, and advertising publishers.
ASIC intends to withdraw RG 53 following the publication of the updated RG 234, consolidating overlapping regulatory guidance. The consultation period extends until Jan. 22, 2026, with feedback to be submitted to rri.consultation@asic.gov.au by 5pm AEDT.
The regulatory revision arrives as the insurance sector experiences increased competitive activity. Marketing expenditure within the industry has increased, reflecting broader industry trends toward higher promotional investment. Industry observers attribute this shift to increasing competition among carriers competing for consumer attention and market position.
Data from Nielsen Ad Intel reveals that insurers collectively spent $463.7 million on advertising between September 2024 and August 2025, representing a 4.7% increase from the prior period. This expenditure reflects the marketing decisions of carriers regarding brand visibility and customer engagement.
Youi was the largest advertising spender during the measured period, with Allianz Australia Insurance, Budget Direct, AAMI Insurance, and HCF Australia comprising the subsequent tier of highest spending carriers. Additional carriers with substantial spending included Medibank Private, Bupa Australia, Greenstone Financial Services, Compare the Market, Australian Health Management, NRMA Insurance, and GIO Insurance.
Marketing investment within the insurance sector has concentrated in particular product categories, with varying growth trajectories. Pet insurance experienced the largest increase, with advertising expenditure rising 189.5% year-over-year. Motor vehicle insurance spending grew 40.4% , while home and contents insurance increased 32.3%. Life insurance registered more modest growth at 5.2%.
Rose Lopreiato, Australia commercial lead at Nielsen Ad Intel, attributed these patterns to market competition. “These results highlight just how fiercely competitive the insurance landscape has become, with brands investing heavily to maintain visibility, connection, and trust in a market defined by choice and change,” Lopreiato said.
