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…
Regulatory & Government
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…
Bowen takes on financial services role
01 July 2013
Federal Treasurer Chris Bowen has taken over the financial services and superannuation portfolio in Prime Minister Kevin Rudd’s new leadership team…
Rowell begins five-year term as APRA member
01 July 2013
Helen Rowell has been appointed a member of the Australian Prudential Regulation Authority. Her five-year term begins today…
Breaches cost Suncorp $23 million in payouts
01 July 2013
Suncorp has paid $23 million in refunds after failing to deliver promoted discounts and policy upgrades…
Unfair contract terms bill reaches Parliament
01 July 2013
A bill to include unfair contract terms in the Insurance Contracts Act has been introduced to the House of Representatives…
APRA consults on reinsurance arrangements
01 July 2013
The Australian Prudential Regulation Authority has launched a consultation on insurers’ reinsurance counterparties, as it seeks “a complete picture” of how reinsurer downgrade or failure would affect groups…
Real makes changes as ASIC digs in over funeral cover
01 July 2013
The Australian Securities and Investments Commission expects to take further action following its investigations into funeral insurance…
NZ ombudsman expects five more years of quake disputes
01 July 2013
Complaints concerning Canterbury earthquake damage could continue for another five years, New Zealand’s Insurance and Savings Ombudsman warns…