APRA gets new powers
17 December 2002
On July 1 APRA’s General Insurance Reform Act was introduced and with it many smaller general insurers disappeared from the market…
Regulatory & Government
Knott expects further criminal charges from HIH commission
10 December 2002
The criminal charges laid against former HIH Director Rodney Adler last week could be the first in a series, according to ASIC Chairman David Knott…
…but stands up for honest businesspeople
10 December 2002
ASIC has played a more noticeable role in enforcement in the past year, Mr Knott said…
ASIC commits former insurance director to trial
10 December 2002
Former National Transport Insurance director Trevor Smith will stand trial on charges brought by ASIC over alleged misconduct during his reign as director…
SA insurance agent faces 10 charges
10 December 2002
ASIC has also laid 10 charges against former South Australian insurance agent Janice Lewinski for allegedly breaching the Insurance (Agents & Brokers) Act…
APRA says it learned its lesson from HIH
03 December 2002
APRA has learned its lesson from the mess it made with HIH, but now it’s in a better shape to deal with the next HIH-type crisis in the future, says APRA CEO Graeme Thompson…
Insurance – “run by salesmen who avoid regulation”
03 December 2002
Having taken a beating over its lack of action on the HIH case prior to its collapse, APRA has now confirmed that insurance failures could pose a threat to the community’s financial position…
“Conflicts of interest” in life insurance and super
03 December 2002
It’s been a busy week for Charles Littrell, who also took a swipe at the insurance industry during a speech in Melbourne…
ASIC gains restraint on former adviser
03 December 2002
A director of Macquarie Town Financial Services in NSW has been restrained from continuing in his role as a financial adviser while ASIC investigates alleged misuse of investors’ funds…
APRA acknowledges Palmer report criticisms
26 November 2002
The Palmer Report has raised a number of important issues which have been ignored by commentators, APRA Chairman Jeffrey Carmichael told a Committee for…
Former AMP adviser goes to jail
26 November 2002
Former AMP financial adviser Laurence Tobin has been sentenced to 30 months’ jail with a non-parole period of 12 months over 23 charges laid by ASIC under the NSW Crimes Act…
ASIC introduces PS164 guide
26 November 2002
Small business owners and operators who are required to have AFS licences will benefit from a new guide released by ASIC…
How to avoid a disclosure blue
26 November 2002
ASIC has also put out an information release addressing some risks of non-compliance that issuers of a Product Disclosure Statement (PDS) may face when issuing a financial product…
Eight industry guides for AFS licence applications
26 November 2002
ASIC has also released a further eight guidance papers designed to help industry participants complete their applications for an AFS licence…
APRA wants “unsuitable” directors ousted
19 November 2002
APRA has called for boards in the banking, insurance and superannuation industries to force directors who don’t meet its “stringent” standards to retire…
APRA sets super licensing guidelines
19 November 2002
All ARPA-regulated superannuation funds will have to be licenced under the Federal Government’s recently announced policy on superannuation…
Former agent pleads guilty
19 November 2002
Joseph McNeany, a former insurance agent of the Melbourne suburb of Hawthorn, has pleaded guilty to 20 charges of theft totalling around $78,000…
Palmer report outlines APRA’s role in HIH’s demise
12 November 2002
The question of whether or not the HIH collapse would have been prevented, or at least would have not been as severe if there had been effective regulatory intervention…
ASIC revises policy statements and licensing guidance papers
12 November 2002
ASIC has released revisions of four policy statements and two guidance papers relating to FSR requirements…
Super fraudster fined
12 November 2002
Insolvency consultant Vince Taskovski has been fined $4000 after pleading guilty to two charges laid by ASIC of fraudulently inducing the redemption of superannuation benefits…