ASIC signs mutual recognition agreement with US regulator
01 September 2008
The Australian and US governments have paved the way for easy access to each other’s financial systems in an historic move by the US...
Regulatory & Government
Compensation boost for oil spill victims
01 September 2008
The Federal Parliament has passed legislation strengthening the compensation regime that applies when oil spills occur within Australian waters – quadrupling the maximum…
ASIC bans father and son adviser team
01 September 2008
ASIC has banned a former Melbourne adviser and his son from providing financial services for six years and three years respectively...
NSW commits to review fire services levy
25 August 2008
The NSW Government has committed to a further review of the fire services levy after the state economic regulator recommended the impost be abolished...
ASIC overhaul ‘good for insurance industry’
25 August 2008
An overhaul of ASIC is good news for the insurance industry, according to a senior industry source...
Federal tax review calls for submissions
25 August 2008
The taxation review being conducted by Federal Treasury Secretary Ken Henry has invited public submissions on Australia’s future tax system in order to draft a consultation paper…
$50,000 Westpoint fine too lenient, says ASIC
25 August 2008
ASIC is considering appealing after former Westpoint promoter Neil Burnard escaped a prison sentence on Friday...
Rudd pledges to work with financial companies
25 August 2008
Prime Minister Kevin Rudd wants to work with financial services companies like Axa Asia Pacific to help them access foreign markets...
Bowen credits industry progress on flood
18 August 2008
Assistant Treasurer Chris Bowen has credited the insurance industry with moving the issue of flood cover forward and praised individual insurers for working to improve standards…
Super crook banned
18 August 2008
Former Sydney broker George Nikiforidis has been permanently banned from providing financial services...
ASIC bans another Westpoint adviser
18 August 2008
ASIC has banned Neville Pradeepkumar Emerson from providing financial services for seven years – its 16th ban on licensed advisers involved with failed WA investment…
Treasury identifies insurance tax flaws ahead of federal review
11 August 2008
Industry fears that the Federal Government’s tax review won’t extend to insurance tax reform were allayed last week after a Treasury discussion paper drew a link between insurance taxes…
APRA: investment income offsets surge in claims
11 August 2008
Healthy investment returns helped general insurers offset a 21% surge in claims last year, the Australian Prudential Regulation Authority’s half-yearly report reveals...
More needed from government to drive financial services
11 August 2008
The financial services sector wants more action from the Federal Government to entrench Australia as a financial services hub, allowing local players to compete with overseas…
PI questionnaire isn’t compulsory
04 August 2008
An ASIC questionnaire on professional indemnity insurance is not compulsory for Australian financial services licensees...
ASIC accepts enforceable undertaking from former HIH auditor
04 August 2008
A former auditor of HIH Insurance was last week banned from the profession until March 2010 following an enforceable undertaking agreed with ASIC...
Financial services top of government agenda
04 August 2008
The Federal Government is creating a new team to promote Australia – specifically Sydney – as a financial services hub...
FAI accountant gets suspended sentence
28 July 2008
Former FAI General Insurance accountant Ashraf Kamha received a suspended six-month prison sentence in the NSW Supreme Court on Friday for his part in producing fraudulent company accounts...
HIH deputy chairman beats APRA ban
28 July 2008
Former HIH Deputy Chairman Charles Abbott has won an appeal against an APRA ban preventing him acting as a director or senior executive of an insurance company...
Workers’ compensation explained
28 July 2008
The Australian Safety and Compensation Council has completed an unenviable task and managed to explain the complex world of workers’ compensation...