For ASIC use only
11 April 2006
Be careful what goes in your shop window…
Regulatory & Government
Another HIH disqualification
11 April 2006
APRA has barred Paul Abela from being a director or senior manager for a general insurer in Australia because of his connection to the HIH Insurance collapse in 2001…
Former broker guilty of fraud
11 April 2006
A former director of Queensland-based insurance broker Allstate Insurance has been convicted on 14 counts of fraud and sentenced to 18 months’ jail, to be suspended for two years…
More regulation to come
04 April 2006
Despite refinements to the Financial Services Reform Act last year, Parliamentary Secretary to the Treasurer Chris Pearce says more regulation is coming…
APRA under international microscope
28 March 2006
The Australian Prudential Regulation Authority is being investigated – in a friendly way – by the International Monetary Fund and the World Bank under their…
Outsourcing paper up for discussion
28 March 2006
APRA has issued a discussion paper on managing risks from outsourcing. It has also released draft prudential standards and a prudential practice guide on outsourcing…
Accused pair fail to front court
28 March 2006
Two Perth men who allegedly conducted a financial services business without being licensed have a week left to appear in court or face the consequences…
ASIC releases new regulation guide
21 March 2006
A new guide for financial services product issuers has been released by ASIC to help them comply with the enhanced fee disclosure regulations released earlier this month…
APRA continues with ‘Project Mercury’
21 March 2006
Project Mercury was the name of America’s first manned space flight in 1958. Down here on Earth, it’s what the Australian Prudential Regulation Authority calls its…
ASIC probes GE Money
21 March 2006
After a six-month investigation into advice it provided to customers, GE Money has given ASIC an enforceable undertaking to change its life insurance sales practices…
ASIC concerned about losing muscle
21 March 2006
ASIC is concerned new anti-money laundering and terrorism financing legislation may dilute its own power under the Corporations Act…
APRA disqualification decision upheld
14 March 2006
The Administrative Appeals Tribunal has upheld the decision by the Australian Prudential Regulation Authority to disqualify David Slee from holding appointments as an actuary…
Fodera to face committal hearing
14 March 2006
Former HIH CFO Dominic Fodera has been ordered to face a committal hearing from August 1 over his part in the insurer’s $5.3 billion collapse…
APRA capable of sacking top execs
07 March 2006
The Australian Prudential Regulation Authority has the power to force banks and insurers to remove board members or top executives after releasing new “fit and proper” standards…
We’ll take action on lengthy disclosure, warns ASIC
07 March 2006
It’s only been a couple of months since legislation came in to cut the length of FSR-related paperwork that was designed to meet the requirements of ASIC…
Breaches: ASIC says not to be afraid
07 March 2006
ASIC Executive Director Compliance Jennifer O’Donnell thinks some insurance company’s breach records are looking “too perfect”, and has warned the industry to report breaches…
ASIC issues warnings over fees
28 February 2006
The Australian Securities and Investments Commission has issued a warning to superannuation funds to not offer misleading information about fees and costs…
Common sense to prevail on regulation
21 February 2006
Common sense is needed for a simpler regulatory system and there should be an assessment of whether new rules are necessary before they are imposed, according to…
Industry codes don’t need ASIC approval
21 February 2006
Industry codes of practice are an efficient and flexible way to develop good practice, a leading expert told the ASIC summer school last week…
ASIC still keen on SOAs
21 February 2006
ASIC plans to create more model statements of advice to cover a range of different advice scenarios…