Draft Insurance Contracts Act reforms unveiled
13 February 2007
Parliamentary Secretary to the Treasurer Chris Pearce has released a draft reform package reflecting recommendations from the review of the Insurance Contracts Act…
Regulatory & Government
ASIC bars Victorian broker
13 February 2007
ASIC has permanently barred Victorian insurance broker Robert Wilson from providing financial services…
APRA disqualifies actuary
13 February 2007
The Australian Prudential Regulation Authority has disqualified William Szuch from working as an appointed actuary after finding he failed to apply actuarial standards…
Twin regulators concede double burden
06 February 2007
Australia’s “twin peaks” financial regulation system has been criticised many times since its formation in 1998 for its possible duplication of effort…
ASIC freezes Westpoint-linked assets
06 February 2007
ASIC has obtained extension orders from the Federal Court in Perth to appoint receivers to the assets of several company directors and companies associated with the Westpoint group…
Former Zurich executive disqualified
30 January 2007
APRA has disqualified former Zurich Australia executive Florian Salzgeber from being or acting as a director or senior manager of a general insurer or authorised non-operating…
Broker banned
30 January 2007
Former responsible officer and director of NSW-based Lederman Insurance Brokers Marion Woodhouse has been permanently banned from providing financial services by ASIC…
Call for more comment on Suncorp Promina
12 December 2006
The Australian Competition and Consumer Commission has progressed its examination of Suncorp’s acquisition of Promina by requesting more information on the deal…
FAI officer gets periodic detention
05 December 2006
Former Financial Controller for FAI’s Corporate and Professional Insurance division Antony Boulden is the country’s latest HIH-related jail inmate…
Prudential paper for discussion
05 December 2006
The Federal Government has released a discussion paper to further streamline prudential regulation for general and life insurers, as well as authorised deposit-taking institutions…
Insurers’ compliance deadline extended
05 December 2006
The deadline for complying with the new outsourcing standards has been extended by APRA from January 1 to April 1…
New website to tackle cyber fraud
05 December 2006
The Australian Securities and Investments Commission is working hard to protect the financial identity of everyday consumers, but there is plenty that they can and should do…
D’Aloisio joins ASIC front line
28 November 2006
Former Australian Stock Exchange MD Tony D’Aloisio has taken up his position as an ASIC commissioner…
ASIC consults on AFS requirements
28 November 2006
It’s only a week since the Federal Government released its proposals on simplifying regulation for corporate and financial services…
Government further simplifies regulation
21 November 2006
The Federal Government has released 35 proposals relating to corporate and financial services in a bid to further simplify the way the industry is regulated…
Proposals get mostly positive response
21 November 2006
The industry has had a mixed, but mostly positive, response to the Federal Government’s new regulation refinement proposals…
‘Minnow’ pleads guilty
21 November 2006
With most of the big fish already serving time, it’s the little guys of HIH – and its controversial acquisition FAI – now facing court over the corporate collapse…
FICS heads to court
14 November 2006
The Financial Industry Complaints Service is hoping to have its responsibilities and jurisdiction over matters related to the Westpoint collapse clarified once and for all…
APRA staff retention concerns are history
14 November 2006
The Australian Prudential Regulation Authority, which had been experiencing staff retention difficulties, says a recruitment drive for senior managers with at least 10 years’ experience…
Gen Re report goes to APRA
14 November 2006
A report on General Reinsurance Australia has been given to APRA after an 18-month investigation…