Accused pair fail to front court
28 March 2006
Two Perth men who allegedly conducted a financial services business without being licensed have a week left to appear in court or face the consequences…
Regulatory & Government
ASIC releases new regulation guide
21 March 2006
A new guide for financial services product issuers has been released by ASIC to help them comply with the enhanced fee disclosure regulations released earlier this month…
APRA continues with ‘Project Mercury’
21 March 2006
Project Mercury was the name of America’s first manned space flight in 1958. Down here on Earth, it’s what the Australian Prudential Regulation Authority calls its…
ASIC probes GE Money
21 March 2006
After a six-month investigation into advice it provided to customers, GE Money has given ASIC an enforceable undertaking to change its life insurance sales practices…
ASIC concerned about losing muscle
21 March 2006
ASIC is concerned new anti-money laundering and terrorism financing legislation may dilute its own power under the Corporations Act…
APRA disqualification decision upheld
14 March 2006
The Administrative Appeals Tribunal has upheld the decision by the Australian Prudential Regulation Authority to disqualify David Slee from holding appointments as an actuary…
Fodera to face committal hearing
14 March 2006
Former HIH CFO Dominic Fodera has been ordered to face a committal hearing from August 1 over his part in the insurer’s $5.3 billion collapse…
APRA capable of sacking top execs
07 March 2006
The Australian Prudential Regulation Authority has the power to force banks and insurers to remove board members or top executives after releasing new “fit and proper” standards…
We’ll take action on lengthy disclosure, warns ASIC
07 March 2006
It’s only been a couple of months since legislation came in to cut the length of FSR-related paperwork that was designed to meet the requirements of ASIC…
Breaches: ASIC says not to be afraid
07 March 2006
ASIC Executive Director Compliance Jennifer O’Donnell thinks some insurance company’s breach records are looking “too perfect”, and has warned the industry to report breaches…
ASIC issues warnings over fees
28 February 2006
The Australian Securities and Investments Commission has issued a warning to superannuation funds to not offer misleading information about fees and costs…
Common sense to prevail on regulation
21 February 2006
Common sense is needed for a simpler regulatory system and there should be an assessment of whether new rules are necessary before they are imposed, according to…
Industry codes don’t need ASIC approval
21 February 2006
Industry codes of practice are an efficient and flexible way to develop good practice, a leading expert told the ASIC summer school last week…
ASIC still keen on SOAs
21 February 2006
ASIC plans to create more model statements of advice to cover a range of different advice scenarios…
APRA gets tough with stage two reforms
14 February 2006
The Australian Prudential Regulation Authority has released three new rules as part of its general insurance stage two reforms based on the HIH Royal Commission recommendations…
ASIC and NZ join forces
14 February 2006
New Zealand’s financial services industry has moved a step closer to regulatory alignment with Australia…
HIH director faces committal hearing
14 February 2006
Former HIH finance director Dominic Fodera will face a committal hearing in June on charges of authorising a company prospectus without including required information…
ASIC charges dropped
14 February 2006
ASIC has dismissed charges laid against a former Tasmanian insurance agent who was acting as an insurance broker even though he was unlicensed following his fraud conviction…
Regulation not always the answer, says Pearce
07 February 2006
Government intervention doesn’t always result in a better outcome when it comes to business regulation, but it was important to introduce a regulatory regime to the…
ASIC guidance on FSR refinements
31 January 2006
The Australian Securities and Investments Commission won’t be providing formal guidance to financial service providers about complying with regulatory refinements…