The Council of Financial Regulators released a statement this week about COVID-19. This was followed quickly by the release of APRA and ASIC media releases. The big picture is six months hold for all the regulatory changes…
Finity and The Fold Legal released an update on the Royal Commission’s recommendations into add-on insurance in July 2019. After two separate consultation papers, Treasury has recently released: An Exposure Draft…
Ready to go With the publication of ASIC’s draft guidance on DDO, the General Insurance industry is now ready to go. The guidance released on 19 December 2019 comprises consultation…
The Hayne Royal Commission made a number of recommendations relating to extending the Banking Executive Accountability Regime (BEAR), which has been in place since 1 July 2018. The Financial Accountability…
We’ve previously expressed our thoughts on how ASIC is likely to regulate claims handling as a financial service. Draft legislation has now been released by Treasury. Many businesses that handle…
We recently published a feature article Insurance Re-regulation: Two years down, three to go? which appeared in Finity’s annual industry ‘state of play’ publication, Optima 2019. In the article, Geoff…
Design and Distribution Obligations (DDO) is the most significant of all the regulatory reforms to be navigated (from the product perspective). If done well, it will break the back of…
Remuneration changes formed an important part of the Royal Commission’s recommended overhaul of the financial services sector. What this will mean for companies and their employees is now a little…
ASIC has set out the ground rules for Consumer Credit Insurance (CCI). ASIC specifies its expectations for CCI – for the financial institutions that sell it and the insurers that…
Sale of so-called ‘add-on insurances’ has been widely criticised in Australia for some time. Here’s why: Regulatory scrutiny has been intense and regulatory action is well and truly underway –…