ASIC welcomes three commissioner appointments
28 August 2023
The head of the Australian Securities and Investments Commission has welcomed the appointment by Treasurer Jim Chalmers of three new Commissioners to the financial regulator...
Regulatory & Government
RBNZ says action required on industry’s climate approach
28 August 2023
A survey from the Reserve Bank of New Zealand – Te Putea Matua has highlighted climate-related risks are at the forefront of financial service firms’ concerns, but indicates activity on tackling the issue has been limited...
NSW names disaster recovery leader
28 August 2023
A NSW state MP who lives in the Northern Rivers, which was ravaged by unprecedented floods in early 2022, has been named Parliamentary Secretary for Disaster Recovery...
APRA warns of technology threat
28 August 2023
The Australian Prudential Regulation Authority has highlighted the need for financial firms to manage risks stemming from an increased reliance on new technologies...
ASIC starts several investigations into claims handling
21 August 2023
The Australian Securities and Investments Commission has started “several investigations” into claims handling and has also indicated it will be taking a closer look at home cover wear and tear exclusions and internal dispute resolution...
Parliamentary floods inquiry calls for submissions
21 August 2023
The Parliamentary Committee inquiry into insurers’ responses to last year’s major floods has called for submissions by the end of October and will also soon accept contributions through an online survey...
ASIC seeks feedback on DDO instrument extension
21 August 2023
The Australian Securities and Investments Commission is seeking feedback on its proposal to extend the design and distribution obligations instrument for a further five years...
WA Government announces bushfire mitigation grant
21 August 2023
The WA Government will provide funding to 28 local governments to help boost bushfire mitigation ahead of an expected intense fire season in the coming months...
SA tightens rules on engineered stone processing
14 August 2023
The SA government has announced new regulations banning the uncontrolled processing of engineered stone products from the start of September...
ASIC launches greenwashing action against super fund
14 August 2023
The Australian Securities and Investments Commission has commenced civil penalty proceedings in the Federal Court against Active Super...
Fraudster forced to repay compensation after false claim
14 August 2023
A forklift operator will be required to pay back $48,367 after he was found to have been working as a food delivery driver despite being declared injured and receiving workers’ compensation payments...
ASIC extends transitional relief for foreign financial services providers
14 August 2023
The Australian Securities and Investments Commission has extended for a further 12 months transitional relief for foreign financial services providers from the requirement to hold a licence when providing services to wholesale clients here...
ASIC issues warning on misconduct
07 August 2023
The Australian Securities and Investments Commission will take more action against financial sector misconduct in the coming months after its enforcement activities led to civil penalties of $109.1 million in the first half of the year...
Remuneration disclosure set to ‘shine light’: APRA
07 August 2023
The Australian Prudential Regulation Authority says remuneration disclosure obligations aimed at increasing transparency and preventing misbehaviour at financial firms will start from next year, with more flexibility on timeframes included following consultations...
NZ Government announces costs share agreement on buybacks
07 August 2023
The New Zealand Government has announced an agreement with local councils of the cyclone-affected region of Hawke’s Bay to help share the costs of buying out nearby properties that face unmitigable future risks.
Insurers allowed to use cat bonds for reinsurance needs, APRA says
07 August 2023
General insurers are permitted to use catastrophe bonds and other types of insurance-linked securities for their reinsurance needs, the Australian Prudential Regulation Authority says in a reminder letter to the industry...
WorkSafe unveils fraudulent claims data
07 August 2023
WorkSafe says it has “weeded out a new crop of compensation fraudsters” as it reveals it cracked down on 37 fraudulent claims worth a combined projected cost of $20.64 million in the last financial year...
FAR ‘devilishly hard to implement’
31 July 2023
Clyde & Co has described the incoming Financial Accountability Regime as “easy to understand in theory but difficult to implement”...
Canberra extends PI waiver for midwives
31 July 2023
The Federal Government has extended a professional indemnity insurance exemption for midwives in private practice so that they can continue offering homebirth services...
Government to require reversing technology in new vehicles
31 July 2023
The Federal Government will mandate reversing technologies in all new vehicle models from November 1, 2025...