AAMI pays $43,000 over misleading adverts
27 November 2017
AAMI has paid $43,200 in penalties after the Australian Securities and Investments Commission found it made false or misleading statements in some adverts for home insurance…
Regulatory & Government
ICA supports tough stance on misconduct penalties
27 November 2017
The Insurance Council of Australia has backed plans by the Australian Securities and Investments Commission to strengthen penalties for corporate and financial sector misconduct…
ASIC clarifies limited licensee obligations
27 November 2017
The Australian Securities and Investments Commission has published a “quick guide” on key obligations for limited Australian financial services licensees and their representatives…
ASIC blocks unlicensed prize indemnity providers
27 November 2017
The Australian Securities and Investment Commission has stopped two unlicensed companies in Queensland from selling insurance and providing financial services…
Literacy strategy should target high-risk consumers: ICA
27 November 2017
Disaster-prone communities should be added to the National Financial Literacy Strategy’s list of priority audiences, the Insurance Council of Australia says…
icare moves ahead with new rehab guidelines
27 November 2017
After a 16-month pilot, Insurance & Care NSW has adopted guidelines to help injured people return to work more quickly…
ASIC agrees Dubai fintech co-operation
27 November 2017
Australian fintechs will find it easier to do business in Dubai after the Australian Securities and Investments Commission signed a co-operation agreement with the local regulator…
Sims warns of collusion between price-bots
20 November 2017
Big Data can produce major benefits for consumers but also creates opportunities for collusion, the Australian Competition and Consumer Commission says…
Cladding crisis prompts NSW building product laws
20 November 2017
New legislation in NSW will allow the Commissioner of Fair Trading to stop unsafe building products such as flammable cladding being used…
Large CTP payouts push up ACT claim costs
20 November 2017
Average compulsory third party claims costs in the ACT grew 11% to $132,204 last financial year, partly due to the finalisation of several multimillion-dollar payments…
ICA calls for GST distribution reform
20 November 2017
The Insurance Council of Australia has called for GST reform after a report found current distribution arrangements may discourage the phasing out of insurance taxes…
NIBA not convinced on tougher ASIC powers
20 November 2017
The National Insurance Brokers Association has questioned whether the Australian Securities and Investments Commission really needs greater interventions powers…
ICA pushes electronic disclosure case for regulations
20 November 2017
Improved electronic disclosure options could be addressed in revised contract regulations due to take effect next year, the Insurance Council of Australia has told Treasury…
ASIC issues banning guidance for new panel
20 November 2017
The Australian Securities and Investments Commission says it will refer “banning matters” to a new Financial Services and Credit Panel when there are issues of significance, complexity or novelty…
NSW greenslip reforms ‘deliver savings’
13 November 2017
The NSW Government has introduced its new compulsory third party motor scheme, along with a price comparison website…
Treasurer pledges support for mutuals
13 November 2017
The Turnbull Government has given strong backing to mutuals as it strives to inject more competition into the financial services and banking sectors…
Taskforce urges tougher ‘real-time’ enforcement powers for ASIC
13 November 2017
The Australian Securities and Investments Commission could order businesses to immediately act to prevent licence breaches under proposed enhanced enforcement powers…
AFCA consultation paper released
13 November 2017
A consultation paper has been released on terms of reference, governance and funding arrangements for the Australian Financial Complaints Authority, the new one-stop dispute resolution body for all financial matters…
ICA flags concerns over whistleblower reforms
13 November 2017
The Insurance Council of Australia supports streamlining whistleblower rules into a single regime, but is concerned about other aspects of draft proposals…
ASIC adds China to growing fintech network
13 November 2017
The Australian Securities and Investments Commission has signed an agreement with its Chinese counterpart to jointly promote fintech across the two markets…