Licensees pass compliance tests
07 September 2004
Australian financial services licensees may have their reservations about whether the Financial Services Reform Act is good or bad…
Regulatory & Government
Lawyers warn insurers of legislation pitfalls
07 September 2004
Sections of Commonwealth legislation concerning proportionate liability can pose a threat to insurers, according to lawyers Allens Arthur Robinson…
APRA raises concerns for risk management
07 September 2004
The Australian Prudential Regulation Authority is concerned that cost-cutting, complacency and inexperience are compromising insurance companies’ risk management…
Regulator issues conflict of interest policy
31 August 2004
Australian financial services licensees will for the first time be required to show they have adequate safeguards against conflict of interest…
NZ intermediary regulation is closer
31 August 2004
The New Zealand Government is establishing a taskforce of consumer and financial services representatives to look into the prospect of regulating insurance brokers…
APRA to launch insurance publications
24 August 2004
The Australian Prudential Regulation Authority (APRA) has plans for two new statistical publications covering the general insurance industry…
Call centres challenged by compliance
24 August 2004
Personal lines insurers which rely on call centres to sell policies seem to be treading a fine line in complying with the Financial Services Reform Act…
New rules for regulators
17 August 2004
Regulatory bodies will soon be, er, regulated…
Reform fatigue hits industry
17 August 2004
One of the main themes running through the ICA conference in Canberra last week was the burden of additional regulation since the introduction of the FSRA in March…
ASIC consults on dollar disclosure
17 August 2004
ASIC is calling for public comment on its policy proposal on new dollar disclosure obligations…
Broker attracts regulator’s attention
17 August 2004
Legal action has begun against Melbourne-based insurance broker Marcus Anthony, who allegedly engaged in fraudulent activity while operating…
Liquidator for builders’ warranty providers
17 August 2004
ASIC has obtained orders in the Supreme Court of Victoria appointing Gess Rambaldi as liquidator of Homesafe Equities and Home and Renovators Group…
Report concedes regulation overload
10 August 2004
Federal Treasurer Peter Costello has released a report from the Government’s expert advice group, the Financial Sector Advisory Council, which criticises the amount of regulation…
ASIC continues FSRA clean-up
10 August 2004
Meanwhile ASIC has announced amendments to some class orders providing relief from financial reporting requirements, indicating that it, too, is aware of the need…
Law firm notes CLERP changes
10 August 2004
Law firm Minter Ellison says changes to the Trade Practices Act due to the introduction of CLERP 9 are an important development for the insurance industry…
Rejected: ASIC refund bid for Aborigines
03 August 2004
The Federal Court has thrown out a request by ASIC to order two Aboriginal life insurers to repay some of its customers…
Relief on financial reporting
03 August 2004
ASIC has announced amendments to some class orders that have been effective from June 30…
ASIC appoints ACT commissioner
03 August 2004
ASIC has appointed Delia Rickard as Regional Commissioner for the Australian Capital Territory…
Trans-Tasman regulators grow closer
27 July 2004
Cross-border financial services regulation is on the cards for Australia and New Zealand after the chairmen of the Australian and New Zealand regulators met in Melbourne recently…
NIBA challenges payment rules
27 July 2004
NIBA has had talks with the federal Treasury and ASIC about an anomaly related to payments into insurance broking accounts…