Shadow financial services line-up revealed
20 September 2010
The Federal Coalition’s shadow financial services line-up includes some familiar faces and the not-so-familiar features of a former ladies’ college gardener from Perth…
Regulatory & Government
AMP rep gets lifetime ban
20 September 2010
A former AMP authorised representative who falsely arranged life and income protection policies has been permanently banned from providing financial services…
ASIC secures $1 million Westpoint settlement
20 September 2010
The Australian Securities and Investments Commission has reached a $1 million settlement of its actions against Barzen (formerly Dukes Financial Services) and company principal Joseph Dukes…
Shorten in, Bowen and Sherry move on
13 September 2010
Former lawyer and trade unionist Bill Shorten has been rewarded with the key portfolio of financial services and superannuation in a reshuffle announced on Saturday by Prime Minister Julia Gillard…
ACCC rejects NAB bid for Axa
13 September 2010
The Australian Competition and Consumer Commission has rejected NAB’s takeover of Axa Asia Pacific Holdings…
ASIC updates PDS guide
13 September 2010
The Australian Securities and Investments Commission has released an updated guide on product disclosure statements and obligations…
APRA makes a plea for financial data
13 September 2010
The Australian Prudential Regulation Authority has written to companies it regulates seeking their co-operation in continuing to report the financial results of any parent companies…
NZ Insurance Act passed
06 September 2010
New Zealand’s Insurance (Prudential Supervision) Act has been passed, with the local industry giving the legislation enthusiastic support…
Queensland cuts cost of CTP
06 September 2010
The Queensland Parliament has moved to ban the payment of commissions by compulsory third-party insurers to motor dealers…
Hardie held liable for tax bill
06 September 2010
A Federal Court of Australia ruling last week found the James Hardie Group liable for a $412 million tax bill…
Data loss risks licence loss
30 August 2010
Australian insurers losing client data come under scrutiny from both the prudential and corporate regulators, and risk losing their licences…
ACCC regulation changes to impact industry
30 August 2010
New mandatory product safety reporting requirements will be a “double-edged sword” for product liability insurers, according to a legal expert…
APRA keeping an eye on insurance
30 August 2010
The Australian Prudential Regulation Authority will continue “stress-testing” the general insurance industry as part of its supervision of financial services…
Premium funders seek Treasury exemption
23 August 2010
Insurance premiums funders will petition Federal Treasury for an exemption to new credit licence regulations after the Australian Securities and Investments Commission…
Mutuals avoiding levy, say firemen
23 August 2010
The New Zealand Fire Service is pursuing “mutual organisations” which provide a form of risk cover to customers in place of insurance, thereby avoiding the fire services levy attached to property…
Car theft prevention programs rewarded
23 August 2010
Two NSW municipalities have received additional state and federal government funding to build on existing car theft prevention initiatives…
ACCC chair avoids NAB/Axa conflict
23 August 2010
Australian Competition and Consumer Commission Chairman Graeme Samuel has distanced himself from the NAB/Axa merger consultations…
OAMPS restrains former employee
16 August 2010
OAMPS Insurance Brokers has won a restraining order banning a former staff member from soliciting its clients for one year…
Funder earns $1 million in Westpoint action
16 August 2010
Litigation funder IMF’s legal action against Quantum Securities (now Minox Securities) and QBE over the collapse of Westpoint has seen the company earn $2 million in revenues…
Former Westpoint manager to stand trial
16 August 2010
Former Westpoint Chief Financial Controller Graeme Rundle is to stand trial in the Sydney District Court on criminal charges brought by the Australian Securities and Investments Commission…