The Government’s Reform Priorities for the Financial Services Sector
THE GOVERNMENT’S REFORM PRIORITIES FOR THE FINANCIAL SERVICES SECTOR EXECUTIVE SUMMARY During his address at the Financial Services Council Annual conference, the Hon Josh Frydenberg MP, Assistant Treasurer, has provided details of the Government’s progress to date...
ASIC Announces its Intention to Recover the Costs of its Investigations
EXECUTIVE SUMMARY On 29 July 2015 ASIC announced that it will now use its power to recover all related expenses and costs of its investigations. Generally ASIC has paid the expenses of the investigations it conducts. However under section 91 of the Australian...
Capability Review of the Australian Securities and Investments Commission
CAPABILITY REVIEW OF THE AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION EXECUTIVE SUMMARY: The Hon Josh Frydenberg MP Assistant Treasurer has announced that the Government is commissioning a review to consider the capabilities of the Australian Securities and...
Group Purchasing Bodies Update
Group Purchasing Bodies Update EXECUTIVE SUMMARY ASIC Class Order 08/1 Group Purchasing Bodies (GPBs) has yet again been amended to extend the transition period for the breach reporting requirements in relation to the Class Order relief. The above is aimed to allow...
Recent Decision of Note on the Operation of Section 58 of the Insurance Contracts Act
A statutory policy comes into effect by reason of an insurer’s failure to give a renewal notice under section 58(2) of the ICA at least 14 days prior to expiry. This case confirms that the statutory policy will only continue for the period of the expiring policy...
Significant Financial Ombudsman Changes Come into Force from 1 July 2015
Significant Financial Ombudsman Changes Come into Force from 1 July 2015 Financial service providers should be aware that significant administrative changes regarding the Financial Ombudsman Service will come into effect from 1 July 2015. ADMINISTRATIVE CHANGES:...
New Retail Life Insurance Reform Package & Update on the Proposed Changes to the FOFA Laws
The Government has announced the receipt of a reform package on behalf of the retail life insurance industry (effectively its response to the Trowbridge report and Financial System Inquiry). The reform package is designed to address the issues identified by ASIC in...
Proposed Extension of Unfair Contract Term Protections to Small Businesses
The Government has committed to extend the consumer unfair contract term protections to small businesses and has released for public consultation the exposure draft legislation to give effect to the extension by changes to the ASIC Act and Competition and Consumer Act...
Revised Insurance Council of Australia General Insurance Code of Practice Comes Into Full Force from 1 July 2015
This is a reminder that the revised General Insurance Code of Practice will come into full force for ICA members and those who have adopted the Code from 1 July 2015. Some insurers may have adopted the Code earlier. The Code affects insurers and their representatives....
ASIC Review on Credit Card Travel Insurance Disclosure
ASIC REVIEW ON CREDIT CARD TRAVEL INSURANCE DISCLOSURE ASIC has issued a release on its review of credit card travel insurance disclosure identifying various concerns and the improvements adopted by the relevant credit card issuers and their...