Category Archive: Regulatory

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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ASIC Report into financial advisers

As part of its Wealth Management Project, Australian Securities and Investments Commission (ASIC) has released its report into how effectively Australia’s largest financial institutions oversee their financial advisers. The report is based on a 20-month project instigated by information received by ASIC about non-compliant advice, as well as public concerns about wider problems in large …

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Senate Inquiry into ‘non-confirming’ building products is wrapping up

On 23 June 2015, the Senate commenced a wide-ranging an inquiry into the use of ‘non-conforming’ building products (being products and materials that do not meet required standards). The inquiry was launched following a 2014 fire in a Victorian apartment complex involving the use of aluminium composite panelling. The due date for reporting has been …

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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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Senate Signs off on Financial Adviser Reforms – Changes to Claim Volume/Risk Profile Ahead?

Last Week the Senate passed the Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016 and paved the way for wide ranging reforms (and increased compliance obligations) in the financial advisory industry. The new regime starts on 1 January 2019 and includes the following reforms: – Compulsory education requirements for both new and existing financial …

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ASIC reveals ‘hot spots’ for the insurance industry in 2017

Last week Greg Medcraft, the chairperson of the Australian Securities and Investments Commission (ASIC), delivered a speech to the Insurance Council of Australia Annual Forum on the current insurance environment and ASIC’s priorities for the coming year. Current environment The speech commenced by noting that 2016 was an eventful year for the insurance industry. In …

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ASIC releases world-first fintech licensing exemption

The Australian Securities and Investments Commission (ASIC) has released class waivers which will allow eligible financial technology (fintech) businesses to test certain products and services without needing to obtain an Australian financial services licence or credit licence. ASIC has stated that this exemption is unique, with no other major jurisdiction having implemented a class waiver …

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ASIC action results in Australia’s largest consumer credit remediation program

Car financier BMW Australia Finance Limited (BMW Finance) has given the Australian Securities and Investments Commission (ASIC) an enforceable undertaking whereby BMW Finance will implement Australia’s largest consumer credit remediation program to compensate customers for its responsible lending failures. BMW Finance provides motor vehicle finance to consumers, both directly and through a network of motor …

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Consultation open on proposed industry funding model for ASIC

Earlier this year, the Government announced that it would introduce an industry funding model for the Australian Securities and Investments Commission (ASIC), commencing in the second half of 2017. The Government has now released two papers: a proposal paper which provides a high-level overview of how the industry funding framework could be applied and a …

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Climate change risk heats up for directors

Today marks the formal adoption of the Paris Agreement on climate change in many countries across the globe. When ratified in Australia, the Agreement will give legal effect to the development of an economy dedicated to low carbon emissions. The Agreement ushers in a new age for corporate Australia, in which company directors will be …

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