First Westpoint class action settles
01 December 2008
The first of the 16 class actions filed by the Australian Securities and Investments Commission against advisers involved in the collapse of Westpoint has been resolved...
Regulatory & Government
APRA’s recipe for avoiding disaster
01 December 2008
APRA’s role in maintaining a strict regulatory environment is only one factor that has helped Australia’s financial institutions avoid the worst impacts of the global economic crisis...
Financial crisis in Australia ‘relatively contained’
01 December 2008
Australia’s financial regulators are likely to keep the country in good stead as growth in gross domestic product weakens...
Industry backs ratings agency reform
24 November 2008
The financial services industry has backed the Federal Government’s decision to tighten the regulation of credit ratings agencies and research houses...
Charges against former HIH Chairman dropped
24 November 2008
The Commonwealth Director of Public Prosecutions has dropped a charge against former HIH Insurance Chairman Geoffrey Cohen, ending proceedings led by ASIC against him...
More to be done on workplace fatalities, says compo council
24 November 2008
The Australian Safety and Compensation Council has concluded its final meeting by recommending further initiatives to reduce work-related fatalities in Australia...
Ratings agencies to come under regulatory control
17 November 2008
The Federal Government recently imposed licensing and reporting standards on credit ratings agencies...
Sydney insurance broker banned
17 November 2008
ASIC has permanently banned NSW broker Anastasia Hronopoulos from providing financial services after the regulator uncovered a series of dodgy deals...
APRA to improve life insurance industry disclosure
17 November 2008
The Australian Prudential Regulation Authority is to publish two new insurance industry reports in line with its plans to modernise the collection of life insurance data...
Another adviser expelled over Westpoint
17 November 2008
Yet another financial adviser has been banned over his involvement with Westpoint...
Australia asked to keep pace with regulation
17 November 2008
Ernst & Young’s Global Insurance Centre has recommended the insurance industry and regulators use the current global financial crisis to drive a “constructive evolution of..."
APRA happy with companies’ health
10 November 2008
The Australian Prudential Regulation Authority says Australian financial institutions – particularly general insurance – are in fine health compared to those in other…
… and dissects insurers’ risk margins
10 November 2008
Insurers’ risk margins are in line with expectations, according to APRA...
Government needs to help restore investor confidence
10 November 2008
Consumer advocate Choice is urging the Federal Government to start up a compensation scheme for investors who have suffered after receiving poor financial advice...
ASIC joins the education push
10 November 2008
An educational program that makes insurance and superannuation attractive to teenagers was launched last week by ASIC and the Federal Treasury...
Government factors climate change into building codes
10 November 2008
The Federal Government is chipping in $161,000 to the Australian Building Codes Board to ensure building codes factor in the future effects of climate change...
ICA urges drastic changes in building codes
03 November 2008
The Insurance Council of Australia is putting pressure on the Federal Government to factor growing climate change risks into its review of the Intergovernmental Agreement…
Man admits $4 million insurance scam
03 November 2008
Victorian businessman Timothy John McKenzie has pleaded guilty to five charges of deceptive conduct and theft relating to insurance premium payments of over $4 million...
Tsunami warning centre opened
03 November 2008
Australia’s new Tsunami Warning Centre was officially opened in Melbourne last week...
Victorian Opposition questions WorkCover hike
03 November 2008
Victoria’s Liberal Opposition has put the acid on the state government over WorkCover industry premium rates which are set to rise for 22% of industry sectors this financial year...