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ASIC is moving towards the biggest rewrite of financial advertising guidance in more than a decade, with a final version of Regulatory Guide 234 due by mid-2026, AdNews can reveal.
The regulator has closed submissions on its proposed overhaul of RG 234, the rulebook that shapes how financial products and services can be promoted across media, digital and social channels.
Industry feedback is now under review, with ASIC confirming to AdNews it will publish a revised guide by the end of the June quarter.
The update matters to advertisers, agencies and publishers because RG 234 underpins how ASIC judges whether financial advertising crosses the line into misleading or deceptive conduct.
The guide has been in place since 2012, long before recent impacts on advertising since the rise of influencers, short-form video and algorithm-driven advertising became standard tools of the trade.
An ASIC spokesperson told AdNews it is reviewing industry submissions and will make non-confidential responses public once consultation wraps.
“A revised RG 234 is due to be published by the end of Q2 2026,” the spokesperson said.
“Upon conclusion of the consultation process, ASIC intends to publish the non-confidential submissions and a summary of the feedback received.”
The proposed changes aim to simplify and modernise guidance to reflect changes in the market over the 12 years.
ASIC wants the new RG 234 to reflect how financial products are marketed today, not how they were promoted a decade ago.
One of the most significant shifts is the plan to fold guidance on past performance into RG 234 and retire the standalone Regulatory Guide 53.
That move would put all advertising expectations in one place, rather than splitting them across documents.
ASIC has also flagged clearer examples drawn from enforcement activity since 2012, covering risk warnings, fee disclosures and product comparisons.
Digital advertising, social platforms and emerging media formats feature more heavily in the draft, reflecting where financial marketing now lives.
For agencies and publishers, the update is a reminder that compliance responsibility does not stop with the advertiser.
RG 234 applies to anyone involved in publishing or promoting financial ads, including media owners and platforms.
The revised guide will land at a time when ASIC continues to focus on consumer harm linked to poor advertising practices.
The regulator has repeatedly signalled that financial promotions remain an enforcement priority, especially where complex products are sold through simplified or emotive messaging.
The update comes as Australia’s financial brands significantly ramp up advertising investment.
Nielsen data shows total spend rose 16% year-on-year, from $600 million to $696 million in 2025, with Commonwealth Bank again retaining the top spot for ad spend.
Westpac, ANZ, NAB, Aware Super, American Express, Bankwest, Square, REST Super, and Afterpay were also among the top ten advertisers.
Growth was strongest in brand campaigns, superannuation, and credit card promotions, with digital channels, particularly social media and display, accounting for nearly half of total spend.
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