On 22 November 2016, the Senate referred an inquiry into Australia’s general insurance industry to the Senate Economics References Committee for inquiry and report. See here for details. The terms of reference for the inquiry were: the increase in the cost of...
ASIC has announced that the Commonwealth Bank (Commbank) will refund over 65,000 customers approximately $10 million after selling them unsuitable consumer credit insurance (CCI). CCI is a type of add-on insurance sold with credit cards, personal loans, home loans and...
The Financial Ombudsman Service (FOS) has advised its 1300 number will soon be phased out and that members need to ensure they are including the 1800 FOS AUS number in their Financial Services Guide or Credit Guide to comply with ASIC Regulatory Guide 165. Please be...
Treasurer Scott Morrison announced that he has directed the Productivity Commission to conduct an inquiry into competition in Australia’s financial system, with a report expected on: the need for further reform and improved oversight of the life insurance...
In Budget Paper No. 2, the budget includes an allocation of $7.9 million over four years from 2017-18 to the ACCC, which will assist the ACCC to “monitor and report on prices, costs and profits in the insurance market for home, contents and strata insurance in...
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