Update on the Inquiry Into the Life Insurance Industry
An Inquiry is being conducted in to the Life Insurance industry. The committee will report on: the need for further reform and improved oversight of the life insurance industry; assessment of relative benefits and risks to consumers of the different elements of the...
Section 57 Notice Issued by the Office of the Emergency Services Levy Insurance Monitor
The Director of the Office of the Emergency Services Levy Insurance Monitor issued a section 57 notice requesting information relevant to monthly ESL rates on 28 February 2017. See here for details The requested information is set out in detail in the Schedule of the...
Privacy Amendment (Notifiable Data Breaches) Bill 2016 Receives Royal Assent
Current as at 28 February 2017 The Privacy Amendment (Notifiable Data Breaches) Bill 2016 (the Bill) received Royal Assent on 22 February 2017. The resulting legislation, the Privacy Amendment (Notifiable Data Breaches) Act 2017, amends the Privacy Act 1988 (Privacy...
Inquiry into Consumer Protection in the Banking, Insurance and Financial Sector
On 29 November 2016, the Senate referred the following matters to the Economics References Committee for inquiry and report in 2018: The regulatory framework for the protection of consumers, including small businesses, in the banking, insurance and financial services...
Inquiry into Australia’s General Insurance Industry
On 22 November 2016, the Senate referred the following matters to the Senate Economics References Committee for inquiry and report by 22 June 2017: the increase in the cost of home, strata and car insurance cover over the past decade in comparison to wage growth over...
Review of 4 Major Banks
As a result of a request of the Treasurer on 15 September 2016, the House of Representative’s Standing Committee on Economics undertook a review of the Four Major Banks and has released its First Report. The report makes significant broad ranging recommendations that...
ASIC Issues Warning to AFS Licensees on Submitting Financial Statements
ASIC issued a warning to AFS licensees with a financial year ending 30 June 2016 who are required to lodge their profit and loss statements and the balance sheets by 31 October 2016. ASIC advised that since November 2015, it has cancelled three AFS advice licences and...
Privacy Amendment (Notifiable Data Breaches) Bill 2016
The Privacy Amendment (Notifiable Data Breaches) Bill 2016 ("Privacy Data Breaches Bill") has been introduced to Parliament and is currently before the House of Representatives. The Privacy Data Breaches Bill implements recommendations of: the Parliamentary Joint...
Life insurance claims: An industry review ASIC Report 498 – Significant Implications for Whole Insurance Industry
ASIC has released Life insurance claims: An industry review ASIC Report 498 which has significant implications for whole insurance industry and should be considered carefully to ensure ASIC’s concerns are properly addressed. Despite the high life insurance average...
Update on the Introduction of Professional Standards for Financial Advisers
BACKGROUND Today the Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, announced that the Turnbull Government will introduce legislation into the Parliament this year to mandate professional standards for financial advisers. This follows the...