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Regulatory & Government

ASIC looking to improve breach regime after challenges

15 August 2022

The Australian Securities and Investments Commission is looking to improve the breach reporting regime’s operation after challenges since its introduction, while it has also flagged future consultation on public reporting of licensee-level information...

ASIC industry funding model review gets underway

15 August 2022

A review of the Australian Securities and Investments Commission industry funding model has commenced, five years after the scheme was introduced in 2017 to support the regulator’s supervision of the financial services sector, including insurance, via levies...

ASIC suspends Assurance Cover licence over lack of PI

15 August 2022

The Australian Securities and Investments Commission has suspended the financial services licence of Assurance Cover Australia until November 28 after it was found to not have the required professional indemnity insurance coverage...

ASIC takes DDO action after industry put on notice

01 August 2022

The Australian Securities and Investments Commission has used new design and distribution obligation regulatory powers for the first time against three firms, after warning the financial services sector that a light touch enforcement period had come to an end...

SIRA censures QBE over CTP underpayment

01 August 2022

The NSW State Insurance Regulatory Authority has issued a letter of censure to QBE over the underpayment of 104 injured road users totalling $88,942...

APRA Chairman stands down

01 August 2022

Australian Prudential Regulation Authority Chairman Wayne Byres will step down after eight years of leadership...

Public service veteran joins AFCA board

01 August 2022

The Australian Financial Complaints Authority has appointed outgoing Australian Competition and Consumer Commission Deputy Chair Delia Rickard to its board...

ICA backs NSW Labor's proposed flood resilience package

25 July 2022

The Insurance Council of Australia says NSW Labor’s plan to invest $225 million in flood protection schemes in Western Sydney is a “welcome first step” towards securing adequate community resilience...

AFCA to host member forum

25 July 2022

Australian Financial Complaints Authority Chief Ombudsman and CEO David Locke will provide an update on major projects and initiatives underway at a two-day virtual forum this week...