Risk management standards too inflexible, actuaries argue
08 July 2013
Plans to place the same risk management rules on insurers and banks are too rigid and may inflict excessive costs on smaller insurers, according to the Actuaries Institute…
Regulatory & Government
Queensland catastrophe schemes receive $12 million
08 July 2013
Natural disaster mitigation projects in Queensland will receive more than $12 million in the latest round of funding announced by the Federal and Queensland governments…
ASIC intervention guidelines welcomed
08 July 2013
The Australian Securities and Investments Commission has published guidance on how and when it will decide to intervene in private court cases…
‘Buyer-of-last-resort’ sales excluded from FOFA
08 July 2013
The sale of financial services businesses will be exempt from conflicted remuneration provisions in the Future of Financial Advice legislation…
Adviser banned for false insurance applications
08 July 2013
The Australian Securities and Investments Commission has permanently banned a Sydney financial adviser for submitting false life insurance applications…
Advisers top the list for complaints to regulator
08 July 2013
New Zealand’s Financial Markets Authority received 1273 complaints and 2923 enquiries about financial advice in the 11 months to May 31…
Bowen takes on financial services role
01 July 2013
Federal Treasurer Chris Bowen has taken over the financial services and superannuation portfolio in Prime Minister Kevin Rudd’s new leadership team…
Rowell begins five-year term as APRA member
01 July 2013
Helen Rowell has been appointed a member of the Australian Prudential Regulation Authority. Her five-year term begins today…
Breaches cost Suncorp $23 million in payouts
01 July 2013
Suncorp has paid $23 million in refunds after failing to deliver promoted discounts and policy upgrades…
Unfair contract terms bill reaches Parliament
01 July 2013
A bill to include unfair contract terms in the Insurance Contracts Act has been introduced to the House of Representatives…
APRA consults on reinsurance arrangements
01 July 2013
The Australian Prudential Regulation Authority has launched a consultation on insurers’ reinsurance counterparties, as it seeks “a complete picture” of how reinsurer downgrade or failure would affect groups…
Real makes changes as ASIC digs in over funeral cover
01 July 2013
The Australian Securities and Investments Commission expects to take further action following its investigations into funeral insurance…
NZ ombudsman expects five more years of quake disputes
01 July 2013
Complaints concerning Canterbury earthquake damage could continue for another five years, New Zealand’s Insurance and Savings Ombudsman warns…
Bill widens scope for electronic communication
24 June 2013
Insurers will find it easier to communicate electronically with clients after the Senate last week passed the Insurance Contracts Amendment Bill, which gives greater certainty about information that can be sent…
ASIC plans to raise requirements for financial advisers
24 June 2013
The Australian Securities and Investments Commission has proposed higher training standards for financial advisers…
NSW CTP reforms stall
24 June 2013
The NSW Government will delay plans to reform the state’s compulsory third-party insurance scheme after failing to secure support in the Parliament’s upper house…
Former attorney-general slams disaster mitigation efforts
24 June 2013
Outgoing Labor MP and former attorney-general Robert McClelland has criticised emergency management procedures in Australia…
WA Insurance Commission dividend ‘a cash-grab’
24 June 2013
A bill requiring the Insurance Commission of WA to pay dividends will push up premiums, state Shadow Treasurer Ben Wyatt says…
Medcraft urges behavioural change through education
24 June 2013
Investor education should promote financial literacy and behavioural change, says Australian Securities and Investments Commission Chairman Greg Medcraft…
NSW to release building review paper
24 June 2013
The NSW Government is to reveal proposed building law reforms following a review of current arrangements…