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Regulatory & Government

APRA under international microscope

28 March 2006

The Australian Prudential Regulation Authority is being investigated – in a friendly way – by the International Monetary Fund and the World Bank under their…

Outsourcing paper up for discussion

28 March 2006

APRA has issued a discussion paper on managing risks from outsourcing. It has also released draft prudential standards and a prudential practice guide on outsourcing…

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…

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…

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…

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…