FMA CEO resigns, names team to oversee new advice regime
22 March 2021
New Zealand’s Financial Markets Authority is searching for a new CEO to take over from Rob Everett, who has resigned and will leave the regulator towards the end of the year...
Regulatory & Government
APRA to monitor Allianz progress in fixing governance, compliance issues
15 March 2021
Allianz Australia will complete a series of “transformation programs” to improve its handling of risk maturity, compliance, conduct and culture as part of a court enforceable undertaking with the prudential regulator...
ASIC sets out proposed approach for add-on deferred sales model
15 March 2021
Consultation papers over the implementation of the deferred sales model for add-on insurance, which will start on October 5, have been released by the Australian Securities and Investments Commission...
AFCA warns of ongoing COVID impacts
15 March 2021
The Australian Financial Complaints Authority has warned financial firms must continue to resolve issues quickly as some customers face increasing pressures with the winding back of Government COVID-19 support measures...
FMA warns on misconduct after ANZ court decision
15 March 2021
The Financial Markets Authority has warned companies that they face court action and severe financial penalties for misconduct, after successfully initiating proceedings against ANZ New Zealand...
APRA delays cyber data collection start after feedback
15 March 2021
The Australian Prudential Regulation Authority has pushed back its timetable for cyber and management liability data collection in response to insurance industry feedback...
Industry to pay about $16.4 million in funding levies to ASIC
08 March 2021
The corporate regulator expects to bill the insurance industry - both general and life - about $16.44 million in funding levies to pay for the cost of its regulatory activities in the last financial year...
AICLA pursues clarity on claims handling licensing
08 March 2021
The Australasian Institute of Chartered Loss Adjusters is developing guidelines for members on licensing requirements under new claims handling and settlement legislation passed late last year...
Brokers named for NSW builders warranty panel
08 March 2021
NSW state-owned insurer icare has reduced the size of its Home Building Compensation Fund panel to nine distributors after completing a tender process...
Litigation funders hit out at moves to ease disclosure rules
08 March 2021
The Association of Litigation Funders of Australia has described as “legislative assault” the plans by the Federal Government to permanently ease the disclosure rules for listed companies...
Independent review lists 76 recommendations for icare board’s consideration
08 March 2021
An independent review into icare has submitted its final report to the state insurer’s board, tabling 76 proposals to strengthen the organisation...
RBNZ amends solvency standard principles after feedback
08 March 2021
The Reserve Bank of New Zealand has released revised principles for its Insurance Solvency Standards review that it says are more “fit for purpose” following feedback from the industry and other groups...
ASIC to offer immunity for misconduct informers
01 March 2021
The Australian Securities and Investments Commission will offer immunity to people who inform the regulator about misconduct they have engaged in with others and are prepared to co-operate on investigations and court action...
ASIC files charges against Allianz, subsidiary
01 March 2021
The corporate regulator has pressed ahead with criminal proceedings against Allianz and its subsidiary AWP for allegedly making false or misleading statements to customers who were sold travel insurance products between 2016 and 2018...
Wivenhoe class action members secure $440 million partial settlement
01 March 2021
The Wivenhoe and Somerset class action has been partially settled for $440 million after a compensation agreement was reached with the Queensland Government and its statutory body, SunWater, law firm Maurice Blackburn announced last week...
Personal Injury Commission begins operation
01 March 2021
The NSW Personal Injury Commission has officially started operation, creating a new tribunal and “one-stop shop” for disputes related to the workers’ compensation and compulsory third party insurance schemes...
RBNZ publishes Canterbury quakes study
01 March 2021
A detailed study of the ten years since the Canterbury earthquake sequence that devasted New Zealand a decade ago has revealed insurers struggle to accurately estimate claim costs and to quantify uncertainty...
icare seeks governance head in leadership revamp
22 February 2021
NSW state-owned icare is introducing a risk and governance executive position as part of a leadership revamp announced by CEO Richard Harding, who took up the top role last month...
ACCC fears Aon-WTW merger may affect broking competition
22 February 2021
The proposed merger of Aon and Willis Towers Watson could lead to adverse outcomes including higher charges for businesses that need specialised risk service from brokers, according to the competition watchdog...
Treasury begins AFCA review after COVID delay
22 February 2021
Treasury has started a review of the Australian Financial Complaints Authority after the scheduled process was delayed last year due to the coronavirus pandemic...