NIBA, IFSA welcome CGT move
25 February 2003
The announcement of capital gains tax roll-over relief for intermediaries has been welcomed by NIBA and IFSA…
Regulatory & Government
ASIC keeps a close eye on product disclosure
18 February 2003
ASIC’s surveillance program of Product Disclosure Statements has produced some interesting feedback for providers of financial products…
UMP can pay its way with taxes
18 February 2003
The Australian Prudential Regulation Authority says the potential $43 million tax liability of United Medical Protection (UMP) will not affect the company’s future…
ASIC adds three more to the HIH list
11 February 2003
The Australian Securities and Investments Commission has referred the names of three more people to the Director of Public Prosecutions over the HIH collapse…
ASIC swoops on landlord product
11 February 2003
A “landlord protection plan” run by a Brisbane debt recovery specialist has landed it in hot water, with the Australian Securities and Investments Commission and Australian Prudential Regulation Authority declaring it is an insurance product and the company…
Brokers restrained, ASIC goes for liquidation
11 February 2003
The NSW Supreme Court has permanently restrained Sydney companies Blundell & Associates Pty Ltd and Blundell Coleman Insurance Brokers Pty Ltd from carrying on…
Auditor disqualified
11 February 2003
The Australian Prudential Regulation Authority has advised that Melbourne auditor Neil Curwood has been disqualified from being an auditor of superannuation entities…
ASIC project to halt internet scammers
11 February 2003
The Australian Securities and Investments Commission is working on Australia’s largest and most advanced language technology research project in a bid to stop rip-off artists operating on the internet…
ASIC updates PS146
04 February 2003
While Sunrise Exchange News was in recess, ASIC updated Policy Statement 146, the vital guidelines on training for financial products advisers…
All change: the FSRA arrives
17 December 2002
March 11 marked the beginning of a new era in the Australian financial services industry…
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…
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…