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Sophie Devitt

Author's details

Name: Sophie Devitt
Date registered: 10 October 2013

Latest posts

  1. Life insurance remuneration regulations passed — 25 April 2017
  2. Bill on conflicted remuneration for life insurance passed — 27 February 2017
  3. ASIC releases Regulatory Guide on review and remediation for retail clients — 16 September 2016
  4. ASIC maintains dollar disclosure relief — 26 August 2016
  5. Bill on conflicted remuneration for life insurance has lapsed — 28 April 2016

Most commented posts

  1. World Economic Forum – Release of the Global Risks Report — 1 comment

Author's posts listings

Life insurance remuneration regulations passed

Following on from our previous update regarding the new life insurance remuneration arrangements, the Corporations Amendment (Life Insurance Remuneration Arrangements) Regulations 2017 (Regulations) have now been passed. The Regulations will take effect from 1 January 2018, the same date as the Corporations Amendment (Life Insurance Remuneration Arrangements) Act 2017 (Act). The Act removed the exemption for …

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Bill on conflicted remuneration for life insurance passed

The Corporations Amendment (Life Insurance Remuneration Arrangements) Bill 2016 (Bill) has passed both Houses and will take effect from 1 January 2018. After originally lapsing in April 2016, the Bill was reintroduced late last year with minor changes. The Bill will have a significant impact on life insurance brokers and represents the government’s response to …

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ASIC releases Regulatory Guide on review and remediation for retail clients

The Australian Securities and Investments Commission (ASIC) has released Regulatory Guide 256 ‘Client review and remediation conducted by advice licensees’. This guide sets out ASIC’s guidance on review and remediation conducted by Australian financial services (AFS) licensees who provide personal advice to retail clients. All AFS licensees have an obligation to ensure their financial services …

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ASIC maintains dollar disclosure relief

ASIC has made a new legislative instrument  to replace three class orders on dollar disclosure (CO 04/1431, CO 14/1433 and CO 04/1435). They were due to expire on 1 October 2016 and 1 April 2017, but the new legislative instrument maintains the relief that they provided. The dollar disclosure provisions in the Corporations Act require …

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Bill on conflicted remuneration for life insurance has lapsed

The Corporations Amendment (Life Insurance Remuneration Arrangements) Bill 2016 has lapsed. The Bill lapsed on 17 April 2016 as it did not reach royal assent before the session of Parliament was terminated. The Bill was designed to limit the circumstances in which the conflict remuneration exemption on life insurance applies to retail life insurance products. …

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ASIC releases draft guidance on review and remediation programs and proposed changes to record-keeping requirements for advice licensees

Australian Securities Investments Commission (ASIC) has released consultation paper 247, providing guidance on review and remediation programs conducted by Australian Financial Services (AFS) licensees who deliver personal advice to retail clients. The paper also provides for proposed amendments to AFS licensee’s record-keeping requirements. A central obligation of an AFS licensee is remediating clients who suffer …

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ASIC finds professional indemnity insurance for financial advisers stable and available, but gaps exist

In ASIC’s 14 December 2015 Media Release, ASIC reports that a review of the Professional Indemnity (PI) insurance market aimed at Australian Financial Services licensees shows signs of industry improvement, however some deficiencies were also identified. The review was conducted following concerns raised by Licensees about availability of PI cover. As well as gathering objective …

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Better disclosure requirements for automatic renewal of vehicle insurance

ASIC reports that following an industry wide review six insures have agreed to better inform consumers about their motor vehicle insurance policies automatic renewal process. The review was prompted by consumers and consumer group complaints as well as ASIC concerns about consumers who were unaware their insurer automatically renewed their annual insurance policy by directly …

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FOS’ approach to cancellation of instalment contracts clarified

The Financial Ombudsman Service Australia (FOS) has released a paper on its Approach to the Cancellation of Instalment Contracts. The paper provides insight into what FOS focuses on when considering these disputes. For cancellation by the insurer to be effective it must be done in accordance with the Insurance Contracts Act (ICA). The report considers …

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ASIC helps inform payday lending review

We reported on ASIC’s scrutiny of the payday lending industry earlier this year and ASIC’s concerns have once more been voiced in their submission to the Independent Review of the Small Amount Credit laws. In ASIC’s 30 October 2015 Media Release and accompanying submission it has identified several potential improvements for the industry, including: –  …

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