Youi has refunded 102 consumers approximately $14,000 in total, and will pay $150,000 as a community benefit payment to the Financial Rights Legal Centre’s Insurance Law Service, after ASIC raised concerns about its home and car insurance sales practices. Youi...
EXECUTIVE SUMMARY On 25 May 2017, the Treasurer, the Hon Scott Morrison MP, directed the Australian Competition and Consumer Commission (ACCC) to hold an inquiry into the supply of home, contents and strata insurance products to consumers in northern Australia (the...
NSW ESL Two additional draft guidelines have been released for consultation (on 16 November 2017): Guidelines on the use of enforceable undertakings Guidelines on over-collection of ESL (including refund undertakings) Comments on the draft guidelines are to be...
EXECUTIVE SUMMARY The Insurance Contracts Regulations 2017 alongside the Insurance Contracts and Other Laws (Repeal and Consequential Amendments) Regulations 2017 have been released as exposure drafts set for commencement on 1 April 2018. The new regulations are...
The Financial Services Minister has confirmed the key legislative elements of the establishment of AFCA and the facts that the transition team, being led by Dr Malcolm Edey, will undertake stakeholder consultation in order to develop AFCA’s terms of reference,...
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,...
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