ASIC secures $13 million in compensation
08 August 2016
The Australian Securities and Investments Commission secured $13.4 million in compensation and remediation for consumers and investors in the six months to June 30…
Regulatory & Government
Queensland clears way for local class actions
08 August 2016
The Queensland Government aims to let constituents pursue class actions in local courtrooms, rather than having to go interstate…
Jail asbestos importers: Xenophon
01 August 2016
Independent senator Nick Xenophon has demanded tougher sentences, including jail, for people responsible for importing asbestos into Australia…
ESL notice prompts broker concerns
01 August 2016
The National Insurance Brokers Association has raised concerns about rules governing provision of information to NSW property insurance policyholders on the abolition of the emergency services levy…
ASIC pledges to protect confidence in financial systems
01 August 2016
The Australian Securities and Investments Commission will maintain its zero-tolerance policy on activities that undermine faith in the financial markets, according to Chairman Greg Medcraft…
Sydney practice loses licence over reporting breaches
01 August 2016
The Australian Securities and Investments Commission has cancelled Edwards Benefits Advisors’ financial services licence…
NZ consults on regulator funding
01 August 2016
The New Zealand Government has called for submissions as part of a review of Financial Markets Authority funding…
Industry welcomes O’Dwyer’s return to portfolio
25 July 2016
Kelly O’Dwyer retained responsibility for financial services in last week’s Federal Cabinet reshuffle…
Court’s ruling on funeral cover appealed
25 July 2016
The Federal Government’s Department of Human Services has confirmed it is appealing a court ruling on funeral insurance that was criticised for allowing the continued exploitation of indigenous communities…
Defining ‘control’ key to driverless car reforms: ICA
25 July 2016
The definition of “vehicle control” is a major issue as automated transport moves closer to mainstream adoption, the Insurance Council of Australia says…
Authorities impose hoverboard safety standard
25 July 2016
The Federal Government has introduced a mandatory safety standard for self-balancing scooters amid fears defective batteries, charging devices and circuitry pose a fire risk…
Tribunal questions value of crop cover subsidies
25 July 2016
Installing more weather stations in NSW would be of greater benefit to drought-hit farmers than offering subsidies for multi-peril crop insurance, a draft report has found…
IAIS publishes capital standard for feedback
25 July 2016
The International Association of Insurance Supervisors is seeking feedback on a new risk-based global capital standard for insurers…
Optus to repay $2.4 million over insurance sales breaches
18 July 2016
Optus will refund $2.4 million to 175,000 customers who were overcharged for insurance products, the Australian Securities and Investments Commission says…
SA opposition attacks CTP premium rise
18 July 2016
The SA Government has approved a 2.9% rise in compulsory third party premiums for this financial year, prompting concerns drivers will be worse off…
NZ insurers back financial regulation reforms
18 July 2016
The Insurance Council of New Zealand has backed changes to the country’s financial framework, arguing greater transparency will produce long-term benefits for the industry.
WA workers’ comp scheme tests conciliation via Skype
18 July 2016
WorkCover WA will pilot videoconferencing for people outside Perth who want access to conciliation services, to better help workers who live regionally or interstate…
Commission to probe enforcement of consumer law
18 July 2016
The Productivity Commission has released an issues paper for its study into the way Australian Consumer Law is enforced and administered…
NSW threatens heavy fines for insurers after levy reform
11 July 2016
Insurers in NSW face fines of up to $10 million if caught engaging in “unreasonable pricing” under the state’s new property-based charge for funding fire and emergency services…
NZ fire service reform a ‘one-off chance’
11 July 2016
The New Zealand Government has opened the next stage of consultation on its fire service reforms, hailing the changes as a “once-in-a-lifetime opportunity”…