‘Double charging’ worries callers to FSL Monitor
22 July 2013
The Victorian Fire Services Levy Monitor’s office received 578 calls to its hotline between its launch on January 30 and March 31…
Regulatory & Government
NSW CTP ‘unsustainable’: Suncorp
22 July 2013
The NSW compulsory third-party scheme is on an unsustainable path, according to Suncorp Commercial Insurance EGM Chris McHugh…
Woolworths ditches ‘misleading’ ads
22 July 2013
Supermarket chain Woolworths will change an advertising campaign for car insurance after the Australian Securities and Investments Commission labelled it potentially misleading…
Tower meets regulator over solvency margin
22 July 2013
Tower is in talks with the Reserve Bank of New Zealand about proposed conditions on its licence, including an increase to the minimum solvency margin…
ASIC keeps an eye on PIS compliance
22 July 2013
An independent expert is to continue monitoring Professional Investment Services, after the Australian Securities and Investments Commission expressed concerns about compliance at the dealer group…
NIAC to link up with reinsurance pool corporation
15 July 2013
The Australian Reinsurance Pool Corporation is to provide secretariat support services to the National Insurance Affordability Council…
APRA survey highlights regulatory burden
15 July 2013
The financial services sector is increasingly concerned about the burden of regulation, according to a survey on the Australian Prudential Regulation Authority’s performance…
NSW puts brakes on emergency services levy reform
15 July 2013
NSW will defer plans to end its emergency services levy on insurance while it assesses similar reforms that started in Victoria this month…
Union questions Victorian WorkCover review
15 July 2013
The Community and Public Sector Union has attacked the latest review of the Victorian WorkCover Authority, to be conducted by former state minister Roger Hallam…
Claims manager banned over $1.2 million fraud
15 July 2013
The former national claims manager of a Melbourne underwriting agency has been permanently banned from providing financial services after he was found to have fraudulently obtained more than $1.2 million…
Injury scheme motor accident standards agreed
15 July 2013
States and territories have agreed on minimum criteria for motor vehicle accident compensation programs under the new National Injury Insurance Scheme…
ICA reiterates privacy bill fears
15 July 2013
The Insurance Council of Australia says it still has concerns about the Privacy Amendment Bill 2013…
NZ’s chief regulator set to quit
15 July 2013
Sean Hughes, the CEO of New Zealand’s Financial Markets Authority, will stand down at the end of the year…
Bowmaker banned from broking
08 July 2013
The Australian Securities and Investments Commission has permanently banned Sydney broker Leroy Bowmaker from providing financial services…
Risk management standards too inflexible, actuaries argue
08 July 2013
Plans to place the same risk management rules on insurers and banks are too rigid and may inflict excessive costs on smaller insurers, according to the Actuaries Institute…
Queensland catastrophe schemes receive $12 million
08 July 2013
Natural disaster mitigation projects in Queensland will receive more than $12 million in the latest round of funding announced by the Federal and Queensland governments…
ASIC intervention guidelines welcomed
08 July 2013
The Australian Securities and Investments Commission has published guidance on how and when it will decide to intervene in private court cases…
‘Buyer-of-last-resort’ sales excluded from FOFA
08 July 2013
The sale of financial services businesses will be exempt from conflicted remuneration provisions in the Future of Financial Advice legislation…
Adviser banned for false insurance applications
08 July 2013
The Australian Securities and Investments Commission has permanently banned a Sydney financial adviser for submitting false life insurance applications…
Advisers top the list for complaints to regulator
08 July 2013
New Zealand’s Financial Markets Authority received 1273 complaints and 2923 enquiries about financial advice in the 11 months to May 31…