As part of the Government’s commitment to continuous improvement of Australia’s consumer protection regime, Consumer Affairs Australia and New Zealand (CAANZ) was asked to conduct a broad review of and report on the effectiveness of the ACL. After issue of an Interim...

The Corporations Amendment (Life Insurance Remuneration Arrangements) Act 2017 No. 6 (Cth) which amends the Corporations Act 2001 No. 50 (Cth) was assented to on 22 February 2017. The effect is that on 1 January 2018, the current conflicted remuneration regime for...

Treasurer The Hon Scott Morrison MP has announced the Productivity Commission will conduct an inquiry into competition in Australia's financial system. The Committee will report on: the need for further reform and improved oversight of the life insurance industry;...

The Terrorism Insurance Amendment Regulations 2017 amends the Terrorism Insurance Regulations 2003 and will commence on 1 July 2017. The Regulations implement recommendation nine of the Terrorism Insurance Act Review: 2015 to extend the terrorism insurance scheme to...

The General Insurance Code of Practice Governance Committee has released its General Insurance Code of Practice Industry Data Report for 2015-16 (the Report) which provides an overview of code compliance based on industry data supplied by subscribers to the General...

In December 2015, the report of the ASIC Capability Review made a number of findings about ASIC. Of relevance, recommendation 28 states as follows: ‘ASIC to proactively develop opportunities to enhance the use of co-regulation for selected groups of the regulated...

ASIC has announced the establishment of the Financial Advisers Consultative Committee (FACC), designed to improve industry engagement with the regulator as part of ASIC's ongoing commitment to enhancing its engagement with its stakeholders. ASIC Deputy Chairman Peter...

On 20 April 2016, the Government announced that it would introduce an industry funding model for the Australian Securities and Investments Commission (ASIC) to recover ASIC's regulatory costs though annual levies and fees-for-service on industry, commencing in the...

Treasury has released Position and Consultation Paper 1 Self-reporting of contraventions by financial services and credit licensees. This arose after the self-reporting regime came under scrutiny in the media and in a series of inquiries into banking or banking and...

The Insurance Council of Australia (ICA) has launched a review of the General Insurance Code of Practice (the Code) to ensure it remains relevant and keeps pace with recent developments affecting the industry. This came about as a result of two current Senate...