Zurich in talks with regulators, but not re-issuing accounts
12 April 2005
It’s been a tough week for Zurich Australia, which has come under scrutiny – some of it wrong – from local business media. To set the record straight…
Regulatory & Government
Financial intermediary definition invites opposition
12 April 2005
New Zealand is determined not to get bogged down in financial services legislation as sticky as the FSRA, but a Government task force investigating regulatory possibilities…
Buffett unwinds reinsurance deal
05 April 2005
Just two weeks after the Australian Prudential Regulation Authority asked US-based reinsurer General Re to show why it shouldn’t be investigated over its dealings in Australia…
Another HIH executive banned
05 April 2005
If you’ve ever wondered what the APRA terms “banned”, “disqualified” and “permanently banned” actually mean, wonder no more…
Unlicensed SA agent pleads guilty
05 April 2005
Former Adelaide-based insurance agent Dominic Romeo has pleaded guilty in the Adelaide Magistrates Court to charges arising from an ASIC investigation…
Broker investigation findings to be released next month, says ASIC
30 March 2005
ASIC says it won’t release any of the findings into its investigation into brokers’ remuneration practices until the end of April, despite originally saying it would make a statement…
Financial adviser jailed for $1.7 million fraud
30 March 2005
ASIC has imposed an eight-year prison term on a former NSW-based financial adviser…
ASIC bans builders’ warranty providers
30 March 2005
Three former builders’ warranty providers have been banned from providing any financial services, following an investigation by ASIC…
NSW commissioner to replace Johnston
15 March 2005
The Australian Securities and Investments Commission will split the roles of departing Executive Director of Financial Services Regulation Ian Johnston…
Tower to repay $1 million for admin errors
15 March 2005
Australasian financial services group Tower is likely to have to pay about $1 million in compensation for a series of administration errors…
APRA’s HIH hit list tops 19
15 March 2005
The Australian Prudential Regulation Authority has disqualified former FAI Insurance executive Roger Colomb from acting as a director or senior manager…
APRA applauds insurers
08 March 2005
The Australian Prudential Regulation Authority has commended the general insurance industry for its efforts in submitting data to the new National Claims and Policies Database…
Successor speculation does the rounds
08 March 2005
With the announcement last week that Executive Director of Financial Services Regulation Ian Johnston is to quit ASIC, the hunt is on in earnest for his replacement…
Two more rubbed out over HIH
08 March 2005
APRA has disqualified former HIH Deputy Chairman Charles Abbott from being or acting as a director or senior manager of a general insurer…
Berkshire Hathaway embroiled in HIH case
08 March 2005
US billionaire and business guru Warren Buffett’s company Berkshire Hathaway may be accused of playing a part in the collapse of HIH…
Cooper will fight charges
08 March 2005
Sydney businessman Brad Cooper has pleaded not guilty to 13 charges when he appeared in Sydney’s Supreme Court on Friday…
ASIC releases code checklist
01 March 2005
Just months ahead of the launch of the new General Insurance Code of Practice – the latest estimate says it’ll be June – ASIC has released a new policy statement…
Captives off the hook
01 March 2005
Australian companies with captive general insurance subsidiaries will be exempt from prudential regulation under a new Australian Prudential Regulation Authority proposal…
Trans-Tasman industry a step closer
22 February 2005
Australia and New Zealand have agreed to establish a trans-Tasman council for the banking sector, with a similar move for the insurance industry not far off…
APRA’s tough stance nothing new
22 February 2005
Reports by mainstream media that the Australian Prudential Regulation Authority is no longer a “toothless tiger” because of its dealings with those involved with the HIH collapse…