Start of Inclusion of Advisers’ Training, Qualifications and Professional Association Memberships on the Financial Advisers Register
Start of Inclusion of Advisers’ Training, Qualifications and Professional Association Memberships on the Financial Advisers Register The Register of Financial Advisers which is maintained by ASIC at the MoneySmart website, requires AFSL holders to provide certain...
Recent High Court Decision on the Applicability of Proportionate Liability Legislation and Cost Order Against Non Party Insurer
Recent High Court Decision on the Applicability of Proportionate Liability Legislation and Cost Order Against Non Party Insurer The High Court considered the application of the proportionate liability regime where a claimant succeeds in both non-apportionable and...
Release of Natural Disaster Funding Arrangements Inquiry Report
Release of Natural Disaster Funding Arrangements Inquiry Report The Productivity Commission has now made available its two volumes Volume 1 and Volume 2 of the Natural Disaster Funding Arrangements Inquiry Report. The Commission lists the following key points arising...
A Reminder of How Clients Can Use a Voluntary Industry Code Against You If You Are Not Careful
A REMINDER OF HOW CLIENTS CAN USE A VOLUNTARY INDUSTRY CODE AGAINST YOU IF YOU ARE NOT CAREFUL Current as at 11 May 2015 A recent decision in the case of National Australia Bank Ltd v Rice illustrates the way in which clients can use a voluntary industry code...
Update on the Changes to the Insurance Contracts Act Regulation 2015
The Insurance Contracts Amendment Act 2013 made a number of significant changes to the Insurance Contracts Act, including the duty of disclosure requirements. The Government has finally released Insurance Contracts Act Regulation 2015 (No 1), providing the final...
AAMI Penalised for Misleading Car Insurance Advertising
AAMI Penalised for Misleading Car Insurance Advertising ASIC has issued two infringement notices ($10,200 each) for false or misleading advertisements promoting AAMI car insurance. This is an example of why extreme care needs to be taken in utilizing any form of...
Update on ASIC’s Review of No-Claim Discount Schemes for Motor Vehicle Insurance
Update on ASIC’s Review of No-Claim Discount Schemes for Motor Vehicle Insurance Executive Summary: On 26 February 2015 ASIC released a report on the operation of no-claim discount (NCD) schemes on motor vehicle insurance policies (also called ‘no-claim...
Recent Decision on Duty of Utmost Good Faith in the Case of Fogarty v CGU Insurance Ltd
Recent Decision on Duty of Utmost Good Faith in the Case of Fogarty v CGU Insurance Ltd 1. Case Name Fogarty v CGU Insurance Ltd [2015] ACTSC 44, see http://www.courts.act.gov.au/supreme/judgment/view/8692/title/fogarty-v-cgu-insurance-ltd for more details. 2. ...
Financial System Inquiry
Background In December 2013 the Government and appointed an independent Committee to examine how the financial system could be positioned to best meet Australia’s evolving needs and support Australia’s economic growth (see terms of reference)....
Sydney Siege at the Lindt Cafe in Sydney’s Martin Place – The Impact of Being Declared a “Terrorism Incident”
SYDNEY SIEGE AT THE LINDT CAFÉ IN SYDNEY’S MARTIN PLACE - THE IMPACT OF BEING DECLARED A “TERRORISM INCIDENT” Current as at 24 February 2015 Executive Summary The Sydney siege at the Lindt Café (the Siege) has been declared a terrorist incident for the purposes of the...