Topic: Regulation

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A new body for financial disputes in Australia

Continuing Federal Government reforms of the financial services sector will see the end of separate external dispute resolution forums, with the introduction of a one-stop shop for all financial disputes in mid-2018. In the 2017 Federal Budget, the Government flagged its intention to bring the Australian Financial Complaints Authority (AFCA) into operation by 1 July … Continue reading

What ASIC has in store for the insurance industry in 2017

Recently, the chairman of the Australian Securities and Investments Commission (ASIC), Greg Medcraft, delivered a speech to the Insurance Council of Australia Forum on the current insurance environment and ASIC’s priorities for the coming year, with a focus on the insurance industry. Current Environment Mr Medcraft acknowledged that 2016 was an eventful year for the … Continue reading

Product suitability and intervention powers one step closer

Treasury released its public consultation paper on the proposed introduction of product suitability obligations and intervention powers for ASIC in December, bringing the reforms recommended  by the Financial System Inquiry one step closer to reality. The consumer protection measures will require issuers and distributors of insurance (and other financial) products to ensure products are suitable … Continue reading

2016 York-Antwerp Rules: one step back, two steps forward?

In May 2016, Comité Maritime International approved a new version of the York-Antwerp Rules (YAR). These Rules return to many of the provisions of the 1994 Rules and early indications are that they will prove more popular with the shipping community than the contentious 2004 Rules. What are the YARs? The YARs provide a standard … Continue reading

Would you like insurance with that? ASIC dishes up advice on add-on insurance

ASIC’s latest report (Report 492) on add-on insurance makes for sobering reading. Following a review of add-on general insurance products sold through car dealers, ASIC identifies a number of concerns. This follows earlier reports focused on consumer experiences (Report 470) and the sale of life insurance through car dealers (Report 471). The most recent report … Continue reading
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