Proliferation ‘deters professionalism'
A “proliferation” of industry associations impedes the advice industry's professionalism, ASIC says. Its parliamentary joint committee inquiry into adviser competency submission ( CN 1887 ) says the...
View ArticleLife industry put on notice
The life industry is on notice to lift its standards after an ASIC review found more than one-third of consumer advice failed to comply with financial advice and client best interest laws. The review...
View ArticleEx-insurance director pleads guilty
A former insurance director has pleaded guilty to 39 dishonesty charges brought by ASIC in the Adelaide Magistrates Court. The charges relate to Barry Hassell's conduct from March 11, 2002, to December...
View ArticleICA urges calls to insurers
ICA is urging drivers involved in motor vehicle collisions in NSW to contact their insurers quickly despite changes to accident reporting and police attendance for minor crashes. From yesterday...
View ArticleMotion to disallow FoFA fails
Motion to disallow FoFA failsA second motion to disallow the majority of the FoFA provisions ( CN 1883 ) has failed, Allens Lawyers senior regulatory counsel Michael Mathieson says . On October 1, ALP...
View ArticleVero scrutinises weather patterns
In the face of increasing weather volatility, Vero's construction underwriters have widened use of data sources to make informed decisions when pricing risk. Suncorp commercial national manager...
View ArticlePeople
Gain Insurance is the latest authorised representative (AR) to join Marsh Advantage. Led by Gain principal Tamer Avsar , the new AR team, to be based in Marsh Advantage's Melbourne head office,...
View ArticleIndustry takes action to lift life game
Industry associations representing advice and life insurance will form a working group to deal with issues raised by an ASIC report into life insurance, including conflicts of interest from up-front...
View ArticleASIC suspends advice group licence
ASIC has suspended Protect Ensure Pty Ltd's (PE) Australian financial services licence after concerns it failed to comply with compliance obligations. ASIC said its surveillance found PE had failed to...
View ArticleWrong advice taints financial services
Inappropriate investment advice still taints the Australian financial planning industry, a risk specialist warns. FinaMetrica co-founder Paul Resnik said commissions continued to damage the advice...
View ArticleQld shopping centre car thefts up
Car theft in Australia fell in FY14 but thefts from Qld shopping centre car parks almost tripled, two separate reports show. The National Motor Vehicle Theft Reduction Council's annual statistical...
View ArticleConsumers reject ‘big brother'
Insurers that aim to increase market share through social media, new technology and analytics might have to think again, if a survey of overseas customers is anything to go by. Celent Insurance Group...
View ArticleSwiss Re pledges $10bn
Swiss Re has pledged $US10bn ($A11.4bn) in “insurance protection and expertise” to help nations strengthen climate resilience by 2020. Swiss Re Group CEO Michel Liès pledged the money to government...
View ArticleEbola crisis puts airlines on alert
Airlines should follow WHO and Centers for Disease Control (CDC) and prevention guidelines to deal with passengers travelling from Ebola-infected areas to avoid unnecessary legal action by infected...
View ArticleEditorial team
Editor: Eva Wiland. Email eva.wiland@thomsonreuters.com. Contributing editor: Kate Tilley. Journalist: Krystal Belcher. Managing Editor: Helen Jones. Twitter: @Cover_NoteTR. Product code: 134001888
View ArticleFemcare action struck out
A class action by women suing the manufacturer of an allegedly faulty sterilisation device has been struck out by the Federal Court but plaintiffs will refile statement of claim within weeks. Justice...
View ArticleJudges clarify class action regime
After almost 15 years of debate, the meaning of “claims against the same person” in the Federal Court of Australia Act's s 33C (1)(a) has now been clarified. Clayton Utz partner Ross McInnes said the...
View ArticleAssault victim awarded $1.7m
The NSW Supreme Court has awarded more than $1.7m to a man who sustained a serious brain injury after he was assaulted at an RSL club. Justice Monika Schmidt said Luke Graham Warren would be...
View ArticleNZ insurer wins quake litigation
In a split decision, NZ's Supreme Court (NZ's highest) has favoured an insurer against the body corporate of an apartment block that sustained severe damage in the February 22, 2011, Canterbury...
View ArticleOverpaid $4m goes to good causes
More than $4m in funds recovered from 56 insurers that over-collected the Vic fire services levy (FSL) in 2012-13 ( CN 1882 ; 1877 ) will go to projects that will benefit insurance consumers over the...
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