ASIC review finds insurers can and should improve claims handling

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ASIC is calling on general insurers to improve their claims handling practices and resourcing after a review of home insurance claims found weaknesses across five key areas. ASIC’s Report 768 Navigating the

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17 Aug 2023

ASIC extends transitional relief for foreign financial services providers

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ASIC is extending for a further 12 months the transitional relief for foreign financial services providers (FFSPs) from the requirement to hold an Australian financial services (AFS) licence when providing

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09 Aug 2023

ASIC welcomes the establishment of an ASX Advisory Group and the appointment of Alan Cameron AO as Independent Chair

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ASIC Chair Joe Longo has welcomed the establishment of a new Advisory Group to advise ASX Clear and ASX Settlement on strategic clearing and settlement issues. Importantly, this includes input

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04 Aug 2023

APRA and ASIC commence early consultation on FAR

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The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have released key materials for consultation, to support the implementation of the Financial Accountability Regime (FAR)

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21 Jul 2023

Review finds super trustees need to improve retirement outcomes planning

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A thematic review of how superannuation trustees are supporting their members under the Retirement Income Covenant has found that trustees need to make more progress to enhance retirement outcomes. The

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19 Jul 2023

ASIC acts to ensure better banking outcomes for Indigenous consumers

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An ASIC review has found that some individuals in high-fee transaction accounts, including First Nations people, are paying up to $3000 in overdraw fees over a year. Banks need to

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06 Jul 2023

ASIC calls on super trustees to appropriately deal with member money when it is first received

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ASIC is calling on superannuation trustees to ensure they are meeting their legal obligations for dealing with incoming money from consumers if a new or increased interest in a super

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27 Jun 2023

ASIC encourages financial industry organisations to help lead through change

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Speech by ASIC Chair Joe Longo at the ISDA/AFMA Forum, 20 June 2023. Introduction: Taking the lead Before I begin, I would like to acknowledge the traditional owners and custodians

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21 Jun 2023

ASIC highlights focus areas for 30 June 2023 reporting

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ASIC urges directors, preparers of financial reports and auditors to assess the impact of uncertain market and economic conditions on reporting for full and half-years ending 30 June 2023. ASIC

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07 Jun 2023

ASIC sharpens focus on credit and debt management

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ASIC is warning credit providers and debt management firms that strong, targeted action against predatory lending, high-cost credit and misconduct impacting consumers experiencing financial difficulty is expected in the coming

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12 May 2023