Third Westpoint settlement reached
30 November 2009
The Australian Securities and Investments Commission has settled Federal Court class actions against two Melbourne-based financial services firms over advice given to investors…
Regulatory & Government
Bowen eyes insurance services export growth
30 November 2009
Financial Services Minister Chris Bowen has identified greater scope for the provision of Australian insurance services to overseas markets…
Ratings agencies adapt to new ASIC regulations
23 November 2009
Ratings agencies Standard & Poor’s and Moody’s have announced that they will apply for wholesale Australian financial service licences in preparation for the introduction of…
2009 has been tough, says APRA chief
23 November 2009
The Australian Prudential Regulation Authority says Australian financial institutions have faced a challenging environment this year as the global financial crisis spilled over…
No end in sight to One.Tel saga
23 November 2009
The dust is yet to settle following last week’s dismissal of Australian Securities and Investments Commission legal proceedings against One.Tel former joint MD Jodee Rich and…
Brisbane adviser’s banning upheld
23 November 2009
The Administrative Appeals Tribunal has upheld a ban on former Brisbane adviser Denise Simmons over her endorsement of Westpoint investments…
New risk standard expected to aid economic recovery
23 November 2009
The newly released international standard for risk management ought to help the world emerge from the global financial crisis, according to the Brisbane man who oversaw its development…
Vic fire funding review a case of curious timing
16 November 2009
The timing of a major Victorian Government review of fire services funding is set to coincide with the next state election, with critics expressing fear the election could be used to prevent debate…
NZ considers raising driving age
16 November 2009
The New Zealand Government is considering plans to raise the minimum driving age from 15 – believed to be the youngest in the world – to 16 or 17 and double the learner licence period…
Regulator tightens control of credit ratings
16 November 2009
The Australian Securities and Investments Commission has tightened the rules governing the disclosure of credit ratings to protect investors…
WorkSafe Victoria slammed in employee survey
16 November 2009
A damning review of WorkSafe Victoria has revealed staff are stressed out and hold a dismal view of their employer…
Ministers take first step in directors’ liability reform
09 November 2009
States and territory governments have agreed to audit what are believed to be more than 600 laws that deal with company directors’ liability…
Governments top-up asbestos fund
09 November 2009
The James Hardie asbestos victims’ compensation fund will be topped up with a government loan of up to $320 million to cover short-term payouts…
Temporary relief for funded class actions
09 November 2009
Class action legal proceedings using litigation funding have been cut some temporary slack by the Australian Securities and Investments Commission…
APRA seeks advice on life data
09 November 2009
The Australian Prudential Regulation Authority is seeking industry advice on what data it should release publicly in a planned six-monthly life insurance bulletin…
APRA chief warns of capital standards changes
02 November 2009
Australia’s “industrial strength” prudential regulation framework doesn’t need overhauling in the wake of the global financial crisis, according to Australian Prudential Regulation Authority…
Victorian insurance broker banned
02 November 2009
The Australian Securities and Investments Commission has permanently banned a Melbourne insurance broker from providing financial services…
Regulator relents on automatic run-off cover
02 November 2009
Financial planners have welcomed a regulatory rethink on an automatic run-off professional indemnity cover requirement for Australian financial services licensees from January 1…
Court decision casts shadow over class action funding
26 October 2009
A Full Federal Court decision last week has put a spanner in the works for many ongoing high-profile class actions…
Insurers on the attack at Victorian tax inquiry
26 October 2009
Insurers have condemned high rates of insurance taxes levied by the Victorian Government in submissions to a state parliamentary committee inquiry…