ASIC bans fraudster Pratten
15 August 2016
The Australian Securities and Investments Commission has permanently banned Charles Pratten from providing financial services and engaging in credit activities…
Regulatory & Government
Victoria flags changes to asbestos monitoring
15 August 2016
Checks for asbestos in buildings or structures developed after December 31 2003 may not be mandatory under WorkSafe Victoria’s review of occupational health and safety regulations…
EQC to cut 485 jobs as Canterbury workload winds down
15 August 2016
New Zealand’s Earthquake Commission plans to shed 485 jobs, more than half its employees, by January as its work in Canterbury enters the final phase…
NSW levy monitor puts insurers on notice
15 August 2016
Insurers will be penalised if they engage in “prohibited” action to protect margins as NSW moves to a new emergency services funding regime by July 1 next year, the Emergency Services Levy Insurance Monitor warns…
Travellers warned on batteries after fire on airliner
15 August 2016
The Federal Government has warned airline passengers about the dangers of carrying loose lithium-ion batteries, after a carry-on bag caught fire on a plane at Sydney Airport…
ICA urges improved public data access
08 August 2016
The Insurance Council of Australia has called for greater access to public data – but is less keen to share the industry’s own information…
ASIC moves to quell fintech incentive fears
08 August 2016
Consumer group Choice says plans to let fintech start-ups operate without financial services licences for their first six months would put consumers at risk…
Insurers to test premium disclosure
08 August 2016
The Insurance Council of Australia will soon begin a trial in which insurers disclose the previous year’s premium in renewal letters…
Border Force steps up asbestos crackdown
08 August 2016
Authorities are investigating six potential breaches of the import ban on asbestos, as custom officials increase vigilance at border checkpoints…
APRA rejects complexity complaint over conglomerate standards
08 August 2016
The Australian Prudential Regulation Authority has dismissed requests for more clarity in its supervision framework for insurance conglomerates…
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…
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…