Treasury consults on corporate penalties reform bill
01 October 2018
Treasury is seeking feedback on draft legislation to introduce a stiffer penalty regime for corporate and financial sector misconduct…
Regulatory & Government
APRA stability focus won’t offer competition protection
01 October 2018
Australian Prudential Regulation Authority Chairman Wayne Byrnes says competition in the financial services sector will intensify due to new technologies and shifting consumer attitudes, and the regulator will not stand in the way of change…
Insurers make up 20% of product breaches
01 October 2018
General insurance and life insurance caused 20% of financial services product breaches, according to an Australian Securities and Investments Commission report on breach reporting obligations…
WA holds second bushfire mitigation summit
01 October 2018
The WA Government will hold a bushfire mitigation summit this month, and will include input from volunteer firefighting brigades…
ACT moves closer to new CTP scheme
24 September 2018
The ACT Government has released an exposure draft bill for a new no-fault compulsory third party insurance scheme selected by a citizen’s jury earlier in the year…
ASIC Deputy Chairman Peter Kell resigns
24 September 2018
Australian Securities and Investments Commission Deputy Chairman Peter Kell, who has taken a high profile on insurance issues, has resigned after seven years with the regulator…
Wellington finds 112 buildings with flammable cladding
24 September 2018
Wellington City Council has identified 112 buildings featuring flammable cladding similar to the material that contributed to London’s devastating Grenfell Tower blaze…
ASIC urges improved climate risk disclosures
24 September 2018
The Australian Securities and Investments Commission has urged listed companies to lift their game on climate risk disclosures after finding the information provided is often too general to be useful…
APRA gets second deputy chair
24 September 2018
Treasury Deputy Secretary John Lonsdale has been appointed as the second Deputy Chairman of the Australian Prudential Regulation Authority…
ASIC powers boosted
24 September 2018
The Federal Government has passed a parliamentary bill that will beef up the power of the corporate regulator…
icare reaches out to rural employers
24 September 2018
Insurance and Care NSW will hold more tailor-made forums in rural areas as part of a wider effort to step up its engagement with regional employers and service providers…
Comcare selects Allianz and GB for claims services
17 September 2018
Commonwealth workers’ compensation scheme Comcare has selected Allianz and Gallagher Basset as third-party claims services providers for the non-corporate federal agencies covered by the scheme…
ASIC vetoes review of class action funders
17 September 2018
The corporate regulator has dismissed “anonymous and anecdotal” stories of companies considering moving offshore because of the rising cost of directors’ and officers’ insurance, saying class action lawsuits blamed for the situation are “critical to protecting shareholders and promoting market integrity”…
Draft law doesn’t protect underwriters’ data: ICA
17 September 2018
Proposed laws giving Australians greater control over their own data don’t sufficiently exempt the data accessed by insurers to underwrite risks…
Queensland boosts aerial fleet for high-risk fire season
17 September 2018
Queensland has more than doubled its aerial firefighting fleet as it prepares for more high-risk days after an active start to the season…
AFCA complaints process rules clears ASIC hurdle
17 September 2018
The Australian Securities and Investments Commission has approved the Australian Financial Complaints Authority (AFCA) complaint resolution scheme rules and independent assessor terms of reference…
ASIC deadline looms for business info submission
17 September 2018
Insurers have less than two weeks to provide the Australian Securities and Investments Commission with details of their operations as part of new industry funding laws…
Help restore trust, ASIC tells brokers
10 September 2018
Insurance brokers caught up in the wider fallout of the Hayne royal commission should stop feeling sorry for themselves and help fix the problem, the Australian Securities and Investments Commission says…
Regulator weighs ‘extraordinary’ Hayne revelations
10 September 2018
A New Zealand regulator has labelled issues and behaviour highlighted at the Hayne royal commission “truly extraordinary”…
Hundreds of NSW buildings have ‘cladding risk’
10 September 2018
The NSW Cladding Taskforce has reviewed 185,000 buildings, identifying 435 as potentially high risk…