The Hon Kelly O’Dwyer MP Announces the Establishment of AFCA Transition Team Reference Panel
On 9 May 2017 the Government accepted all 11 Recommendations of the Review of the financial system external dispute resolution and complaints framework (the Ramsay Review). These recommendations included the establishment of a one-stop shop for all financial disputes,...
Update on the Senate Economics References Committee Report – Australia’s General Insurance Industry: Sapping Consumers of the Will to Compare
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 home,...
Commonwealth Bank to Refund Over $10 million for Mis-sold Consumer Credit Insurance
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...
FOS Advises its 1300 Number Will Soon Be Phased Out
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...
Inquiry Into the State of Competition in Australia’s Financial System
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 industry;...
ACCC to Monitor Insurance Pricing
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...
ACCC Announces Northern Australia Insurance Inquiry
The Australian Competition and Consumer Commission (ACCC) has released terms of reference for its inquiry into the supply of home, contents and strata insurance in Northern Australia. Matters to be considered by the inquiry include: the pricing and availability of...
ASIC Supervisory Cost Recovery Levy Regulations Have Been Passed
On 20 April 2016, the Government announced that it would introduce an industry funding model for ASIC, commencing in the second half of 2017. The ASIC Supervisory Cost Recovery Levy Regulations 2017 which came into effect from 1 July 2017 have now been passed which...
APRA Letter to Life Insurers
The Australian Prudential Regulation Authority (APRA) released a letter to all life insurers, which provides guidance on its interpretation of Prudential Standard LPS 230 Reinsurance (LPS 230), including its "approach to considering applications for approval of...
Final Stage of the Superannuation System Review Commences
Treasurer Scott Morrision and Revenue and Financial Services Minister Kelly O'Dwyer have jointly announced the commencement of the third and final stage of the Productivity Commission's review into Australia's superannuation system. The final stage requires the...