Senators doubt new dispute body’s abilities
19 November 2018
A Senate committee’s report on consumer protection in financial services has questioned the effectiveness of external dispute resolution schemes…
Regulatory & Government
Canberra funds future surge in prosecutions
19 November 2018
The Federal Government has announced a $51.5 million funding boost to fight financial misconduct…
Regulators flag ‘forceful’ response
19 November 2018
The financial services industry has been warned to expect a tougher approach from corporate and prudential regulators next year…
Former governor-general to lead EQC inquiry
19 November 2018
The New Zealand Government has named former governor-general Silvia Cartwright as head of a public inquiry into the Earthquake Commission, and has released her terms of reference…
APRA flags AASB 17 consultation
19 November 2018
A discussion paper outlining the approach to integrating new accounting standards into the capital framework for insurers will be released at the end of next year…
Responses flood royal commission website
12 November 2018
The Hayne royal commission published hundreds of submissions last week, including potentially vital responses to the “policy questions” document that followed the insurance round of hearings in September…
APRA details its enforcement powers review
12 November 2018
The Australian Prudential Regulation Authority today announced the terms of reference for reviewing its enforcement strategy…
Senators support product design reform
12 November 2018
A Treasury bill that would overhaul the way financial products including insurance are sold has been backed by the Senate Economics Legislation Committee…
Industry backs latest call to drop insurance taxes
12 November 2018
The Insurance Council of Australia has backed a Grattan Institute report urging state and territory governments to ditch insurance stamp duties and emergency services levies…
Canberra consults on accounting standard
12 November 2018
Treasury is seeking feedback on the tax impacts of a new accounting standard for insurance contracts…
NSW cracks down on bushfire arsonists
12 November 2018
The NSW Government is to increase the maximum jail sentence for bushfire arson from 14 years to 21 years…
Criminal attacks dominate data breach tally
05 November 2018
Malicious or criminal attacks accounted for 57% of reported data breaches in the September quarter, followed by human errors on 37%…
ICA, NIBA make case for products bill clarity
05 November 2018
Insurers have pressed their case for product design and distribution legislation changes at a Senate committee inquiry, and will seek more clarity from the regulators…
Byres retained as APRA wins funding boost
05 November 2018
The Australian Prudential Regulation Authority will receive $58.7 million in new funding over the next four years, and Chairman Wayne Byres has been reappointed to run the regulator for another five years…
Funder backs cladding class action
05 November 2018
Litigation funder IMF Bentham and William Roberts Lawyers will launch a class action for property owners who have been forced to pay for the removal of combustible polyethylene-core cladding from their buildings…
APRA backs disclosure duty
05 November 2018
The Australian Prudential Regulation Authority has argued against any watering-down of the duty of disclosure in its submissions to the Hayne royal commission…
AFCA takes on code governance support role
05 November 2018
The Australian Financial Complaints Authority started work, supporting independent committees that monitor compliance with industry codes of practice…
ARPC considers insurance in cyber terrorism study
05 November 2018
Introducing property coverage that responds to cyber terrorism will be considered as part of the Australian Reinsurance Pool Corporation’s research on digital threats…
NZ bails out EQC as fund runs dry
05 November 2018
The New Zealand Government has provided $NZ50 million to the Earthquake Commission to continue covering catastrophes after the Canterbury and Kaikoura earthquakes depleted the state-owned insurer’s Natural Disaster Fund…
Alleged insurance fraudster faces trial
05 November 2018
A Victorian man will stand trial for fraud over allegations he was paid premiums for fake insurance policies…