External Dispute Resolution Changes

On 20 April 2016, the Government announced a package of measures to enhance the operation of the Australian Securities and Investments Commission (ASIC) and to improve consumer outcomes in the financial system. As part of his package, the Government announced a review...

Consumer Law Review Delivers Its Final Report

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...

Recent Developments in Life Risk Remuneration

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...

Inquiry Into Australia’s Financial System

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...

New Terrorism Insurance Amendment Regulations 2017

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...