The NSW Revenue Commissioner has issued Practice Note No. CPN 001 General Insurance – Small Business Exemption – Small Business Declaration which provides guidance on: the way a small business … [Read more...]

17-421MR ASIC updates guidance on conflicted remuneration   ASIC has updated Regulatory Guide 246 (RG 246), now titled Conflicted and other banned remuneration. The conflicted and other … [Read more...]

17-422MR ASIC releases new example Statement of Advice for life insurance ASIC has released its new example SoA for life insurance as part of updates to Regulatory Guide 90 Example Statement of … [Read more...]

EXECUTIVE SUMMARY The ASIC Enforcement Review has released Position and Consultation Paper 8 - ASIC’s Directions Powers. This is considering reform to the existing financial services and credit … [Read more...]

Youi has refunded 102 consumers approximately $14,000 in total, and will pay $150,000 as a community benefit payment to the Financial Rights Legal Centre's Insurance Law Service, after ASIC raised … [Read more...]

EXECUTIVE SUMMARY On 25 May 2017, the Treasurer, the Hon Scott Morrison MP, directed the Australian Competition and Consumer Commission (ACCC) to hold an inquiry into the supply of home, contents … [Read more...]

NSW ESL   Two additional draft guidelines have been released for consultation (on 16 November 2017):   Guidelines on the use of enforceable undertakings   Guidelines on … [Read more...]

EXECUTIVE SUMMARY The Insurance Contracts Regulations 2017 alongside the Insurance Contracts and Other Laws (Repeal and Consequential Amendments) Regulations 2017 have been released as exposure … [Read more...]

The Financial Services Minister has confirmed the key legislative elements of the establishment of AFCA and the facts that the transition team, being led by Dr Malcolm Edey, will undertake stakeholder … [Read more...]

On 9 May 2017 the Government accepted all 11 Recommendations of the Review of the financial system external dispute resolution and complaints framework (the Ramsay Review). These recommendations … [Read more...]