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Latest Articles

4 Dec 2018
ASIC’s regulatory objectives: what’s in a name?
It is fashionable to criticise ASIC for late and otherwise botched investigations, insufficient and unsuccessful enforcement activity and unseemly closeness with the Big End of Town. Is that fair, and why has it come to this?
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21 Nov 2018
Bank between judicial rock and regulatory hard place
Westpac can’t take a trick. It’s been trying to pay a $35 million penalty for consumer credit contraventions agreed with ASIC, but the Federal Court won’t let it.
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7 Nov 2018
AFCA open for business today - 1 November 2018
From today, all new complaints previously made to the Financial Ombudsman Service (FOS), the Superannuation Complaints Tribunal (SCT), and the Credit and Investments Ombudsman (CIO) are made to and dealt with by the Australian Financial Complaints Authority (AFCA) under the AFCA Scheme.
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17 Aug 2018
“Blowing the whistle: Protections increase for whistleblowers under new amendments”
Public companies, large proprietary companies and registrable superannuation entities who fail to set up internal whistleblower policies, before 1 January 2019, could face penalties under new legislative changes.
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13 Aug 2018
Are insurance contracts unfair?
In 2008, the Productivity Commission recommended a new national consumer law applying to all industry sectors, including protections against unfair contract terms (UCT). In 2009 the Australian Consumer Law and related reforms were implemented, including the application of UCT protections in relation ...
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7 Aug 2018
Defending the indefensible – the limitations of defence costs insurance cover?
Adam Cranston, the son of the former Deputy Commissioner of the Australian Taxation Office, is currently being prosecuted in relation to the alleged payroll tax fraud for conspiracy to defraud the ATO and the recovery of alleged proceeds of crime. He and others recently sought relief in the Federal ...
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7 Aug 2018
When storms become catastrophes (and how that affects insurance)
Storms and floods are extremely damaging. Not just for properties, but for individuals and the communities they inhabit. When communities are faced with extensive damage in these situations, the Insurance Council of Australia (ICA) may declare the storm or flood an “extraordinary catastrophe” or a “ ...
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2 Aug 2018
How the creation of AFCA will change the insurance industry
On 14 September 2017, the Federal Treasury announced the establishment of an Australian Financial Complaints Authority (AFCA) . It is a massive shift to the governance of financial issues in Australia, and one that the insurance industry need to be aware.
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