ASIC ensures QBE meets expected outsourcing standards for dispute resolution

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QBE Insurance (Australia) Limited (QBE) will make changes to its outsourcing of escalated complaints and dispute resolution after ASIC raised concerns about the manner in which it had outsourced complaint... Read more continue reading

Bombora to respond to Trowbridge Report – Handley encourages industry submissions

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Bombora Advice (Bombora) Managing Director, Wayne Handley, has confirmed that he will be submitting a response on behalf of the dealer group’s adviser network to the “Interim Report” issued by... Read more continue reading

ASIC cancels registrations of SMSF auditors

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ASIC has cancelled the registration of 440 Self-managed superannuation fund (SMSF) auditors who did not undertake or pass a competency exam necessary to retain their registration. ASIC has also disqualified... Read more continue reading

ASIC class order clarifies fee and cost disclosure requirements

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Following a review of fee disclosure practices, ASIC today released a class order clarifying key fee and cost disclosure requirements for Product Disclosure Statements (PDS) and periodic statements for superannuation... Read more continue reading

The Murray Report’s recommendation to ban SMSFs from borrowing is inconsistent

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The Murray Report’s recommendation to ban SMSFs from borrowing is inconsistent and based on a flawed approach to the regulation of the superannuation system. The Report’s argument that superannuation should... Read more continue reading

ASIC explained: What does it do and why should Australians care?

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Greg Medcraft, Chairman, Australian Securities and Investments Commission gave a speech yesterday to the National Press Club of Australia, in Canberra. He discussed three main topics: ASIC’s role and why... Read more continue reading

Disallowance of FoFa amendments handcuffs advisers

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Hotel California-type legislation around Grandfathering, reinstated by the disallowance of the Future of Financial Advice (FoFA) Amendments this week, means advisers are now shackled to their existing licensees, according to... Read more continue reading

ASIC proposes to cut red tape and encourage more electronic disclosure

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ASIC is seeking feedback on proposals to make it easier for businesses to deliver financial services disclosures electronically while preserving choice for consumers. Our proposals also encourage the use of... Read more continue reading

Higher standards needed for life insurance industry

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An ASIC review of life insurance advice has found that the industry needs to improve the quality of advice and ensure that the interests of consumers are given priority. ASIC’s... Read more continue reading

TAL seeks better life insurance outcomes for consumers

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Australia’s largest life insurer TAL recommends in a new submission to the Financial System Inquiry a range of measures to improve consumer outcomes for life insurance products and services. TAL... Read more continue reading