Computer error costs Tower $600,000
08 July 2003
As if a swag of unwelcome media attention over its parent company’s revenue-raising attempts wasn’t enough, Tower Australia has been ordered by the Federal Court…
Regulatory & Government
New men take over at APRA
01 July 2003
Reserve Bank Assistant Governor John Laker has been appointed Chairman of APRA’s new executive committee as the Federal Government continues its purge of the regulator…
The APRA 90: still being considered
01 July 2003
With three former FAI employees now charged by ASIC with offences brought to light after the HIH collapse, the “APRA 90” remain unidentified…
ASIC releases new disclosure rules
01 July 2003
ASIC has decided that all financial advisers, including planners, brokers and life insurance sellers, will not only have to disclose the value of commissions but also job perks…
ASIC: planners generally on track
24 June 2003
Financial planners are in a good position in terms of AFS licensing because they only need a similar kind of licence to the one they had in the past, says Pauline Vamos…
… but many need to shape up
24 June 2003
The controversial and damaging ASIC/Australian Consumers Association survey of financial planners attracted more attention than its compilers may have expected…
APRA learns from HIH
17 June 2003
APRA has used the HIH experience “to make ourselves better”, says Executive GM Charles Littrell…
SA adviser sent to jail
17 June 2003
A former Adelaide financial adviser has been sentenced to 27 months in jail for presenting an elderly client with fraudulent documents which allowed him to withdraw…
ASIC moves on PI for brokers
10 June 2003
ASIC will permit excesses or deductibles on professional indemnity cover to exceed the level prescribed by the Insurance Act 1984, in a bid to assist brokers obtain more…
New steps to clarify FSRA
10 June 2003
A list of proposed changes to the Corporations Act was released late last week by the Federal Government…
Agent goes to jail
10 June 2003
Former Melbourne insurance agent Joseph Francis McNeany was sentenced yesterday to one year in jail and two years on a bond after he pleaded guilty to 20 charges of theft…
ASIC acts against Bosnian insurer’s ‘agents’
03 June 2003
As many as 1000 Australians may be holding worthless policies with Bosnian-based insurer Grand Osiguranje AD Zvornik, according to ASIC Chairman David Knott…
Who are the APRA 90?
27 May 2003
Speculation is rife in the industry as people try to guess the names of the 90 individuals being investigated by APRA who face virtual expulsion from senior positions…
AFSL help for Victorian brokers
27 May 2003
ASIC has announced it will provide free “one-on-one” consultations for insurance brokers planning to obtain an Australian financial services licence…
Another way to limit foreign insurers
27 May 2003
As we’ve noted in previous editions of Sunrise Exchange News, APRA may not have the ability to stamp out unauthorised foreign insurers, but it is doing everything it can…
Insider trading investigation over
27 May 2003
ASIC has concluded after a three-week investigation that there’s no proof certain stockbroking firms and investment houses engaged in insider trading in the lead-up…
ASIC gets a big handout
20 May 2003
ASIC has gained almost $53 million in additional funding after Federal Treasurer Peter Costello announced the regulator would be funded to initiate a taskforce to work…
90 industry people under threat
20 May 2003
APRA set tongues wagging yesterday with an announcement that as many as 90 people in “responsible person” positions in the general industry may be removed in the wake…
APRA keeps up pressure on foreign business
13 May 2003
APRA has stepped-up its campaign to deter small businesses, professional associations and community associations from using unauthorised foreign insurers…
ASIC releases version 3 of e-licensing
06 May 2003
ASIC has released version 3 of the eLicensing system and the AFS Licensing Kit for businesses wishing to apply for an Australian financial services licence…