Consumer lobby attacks ‘junk’ credit cover
14 December 2015
Consumer credit insurance and gap insurance sold as “add-ons” to car finance and other credit have been dismissed as “rubbish products” that provide little or no value to consumers…
Regulatory & Government
Rural broker banned after fraud convictions
14 December 2015
The Australian Securities and Investments Commission has permanently banned insurance broker Mark Chapple from providing financial services…
Brokers exempt from adviser education standards
14 December 2015
General and consumer credit insurance brokers have been exempted from the Federal Government’s new education standards for financial advisers…
Lumley takes ‘industry lead’ over extended warranty concerns
14 December 2015
Lumley Retail Warranty has agreed to change “potentially misleading” extended warranty brochures, the Australian Competition and Consumer Commission says…
Industry must adapt to regulatory shift: Deloitte
14 December 2015
Australian financial services companies face significant regulatory challenges next year, a leading consultancy has warned…
ASIC finds gaps in advisers’ PI coverage
14 December 2015
Gaps exist in the professional indemnity market for financial advisers, the Australian Securities and Investments Commission says…
ICA starts work to improve product disclosure statements
07 December 2015
The Insurance Council of Australia is working on a “detailed action plan” to improve the communication of product disclosure statements to consumers…
SA unveils private CTP insurers
07 December 2015
The SA Government has announced the four insurers that will provide compulsory third party cover from July, as the state moves to a competitive CTP market…
Government receives premiums taskforce report
07 December 2015
The Northern Australia Insurance Premiums Taskforce has handed its final report to the Federal Government…
UK move on renewals gets local support
07 December 2015
A major consumer group has applauded moves by the UK’s Financial Conduct Authority to force insurers to provide renewal notices that include the previous year’s premium rates and the reasons for any change…
Consumer law review to address sharing economy
07 December 2015
The upcoming Australian Consumer Law review will consider the hot topic of the sharing economy…
EQC improves across the board: Auditor-General
07 December 2015
New Zealand’s Earthquake Commission has made significant progress in managing the Canterbury home repair program, Auditor-General Lyn Provost says…
All quiet on the northern front
30 November 2015
The Northern Australia Insurance Premiums Taskforce was due to submit its final report to the Government by the end of this month – but nobody seems to know where it is…
APRA appoints new Deputy Chairman
30 November 2015
Helen Rowell has been appointed Australian Prudential Regulation Authority Deputy Chairman…
ICA demands level playing field with state insurers
30 November 2015
State insurers should be made to meet the same prudential standards as their commercial counterparts, according to the Insurance Council of Australia…
NSW workers’ comp insurer begins operations
30 November 2015
Insurance & Care NSW was officially launched last week, with a pledge to focus on customers over processes…
New terror threat system introduced
30 November 2015
Australia’s new terrorism alert system has gone live, with the current threat level established as “probable”…
Strong culture will keep ASIC away, Medcraft says
30 November 2015
Organisations with the right culture are less likely to suffer intervention from the Australian Securities and Investments Commission, Chairman Greg Medcraft says…
IAIS consults on global systemically important insurer regulations
30 November 2015
The International Association of Insurance Supervisors is consulting on proposed revisions to the assessment methodology for global systemically important insurers…
Motor insurers to improve clarity on automatic renewals
23 November 2015
Six insurers have agreed to be more upfront about annual automatic renewal processes for car insurance, after a spate of complaints led to an Australian Securities and Investments Commission review…