ASIC faces fire over independent experts
14 April 2014
The Australian Securities and Investments Commission admits it has been remiss in its monitoring of independent experts tasked with examining regulation breaches…
Regulatory & Government
Regulator calls for flexibility on disclosure
14 April 2014
The Australian Securities and Investments Commission wants to reduce disclosure requirements it claims do not benefit consumers and are costly for industries…
FOS calls for inquiry focus on consumer trust
14 April 2014
Consumer trust in financial services should be at the heart of the financial system inquiry, according to the Financial Ombudsman Service…
Consumer advocates want action on affordability
14 April 2014
Consumer groups have urged the financial system inquiry to investigate insurance affordability and availability for low-income and disadvantaged groups, claiming the industry has made little effort to provide suitable products…
Comparison site no-shows ‘reduce competition’
14 April 2014
Suncorp and IAG’s refusal to allow their products on comparison websites contributes to a lack of transparency, reduced competition and ill-informed consumers, UK-based insurance comparator Compare the Market says…
Government takes over Victorian BWI
14 April 2014
The Victorian Government is to take over builders’ warranty insurance, setting up a fund under a single body to oversee builder registration, disputes and claims…
FSL monitor issues tax guidelines on refunds
14 April 2014
The Victorian Fire Services Levy Monitor has issued further guidelines for insurers that over-collected the levy…
APRA releases reinsurance documents
14 April 2014
The Australian Prudential Regulation Authority has released final documents for new reinsurance data collection requirements for general insurers…
WA cuts WorkCover rates
14 April 2014
WA WorkCover rates will fall 6.7% next financial year to an average recommended premium of 1.556% of total wages – down from 1.668% in the current year…
Regulation stifles expansion: IAG
07 April 2014
IAG says the Australian Prudential Regulation Authority is penalising the company for its Asian expansion strategy…
APRA seeks end to funding cuts
07 April 2014
The Australian Prudential Regulation Authority has called for an end to “efficiency dividend” funding cuts and has defended its performance in the insurance sector…
QBE seeks tax abolition, regulatory reform
07 April 2014
State insurance taxes should be abolished and excessive regulation wound back, QBE says in a submission to the financial system inquiry…
ICA calls for review of regulatory creep, affordability
07 April 2014
The financial system inquiry should examine the regulatory burden on the insurance sector and its impact on affordability and ability to write risk, the Insurance Council of Australia…
NIBA condemns product disclosure program
07 April 2014
The product disclosure regime has failed to help consumers make better decisions about financial products, according to the National Insurance Brokers Association…
QBE calls for LMI incentive
07 April 2014
Lenders’ mortgage insurance could disappear from the marketplace if lenders are not given capital relief, QBE LMI warns…
ASIC calls for update to obsolete penalties
07 April 2014
The Australian Securities and Investments Commission aims to raise its penalties in line with other regulators, a parliamentary committee has heard…
Insurers stymied over government access, executives say
31 March 2014
A lack of communication between the Federal Government and the insurance industry is raising concerns that Canberra is making decisions without a clear understanding of the sector’s issues…
Let private sector into workers’ comp and CTP: Suncorp
31 March 2014
Private insurers should play a greater role in workers’ compensation and compulsory third party schemes, Suncorp says in its submission to the financial system inquiry…
NZ regulator delays decision on IAG-Lumley deal
31 March 2014
New Zealand’s Commerce Commission has deferred until April 30 its decision on IAG’s proposed takeover of Lumley NZ, following strong opposition…
Cormann holds fire on FOFA changes
31 March 2014
The Federal Government has put on hold plans to change part of the Future of Financial Advice legislation…