Professional indemnity insurance review completed

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A targeted review of professional indemnity (PI) insurance by ASIC has found that most small companies holding Australian financial services (AFS) licences had PI insurance that met regulatory requirements. We found,

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Super fees set to become more transparent and easier to understand

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From 30 September there will be significant changes to the way superannuation and managed investment funds disclose the fees and charges that affect consumers. The new requirement follows the Australian

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Big four banks change loan contracts to eliminate unfair terms

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Following a commitment to further review their small business loan contracts, the big four banks have now agreed to specific changes with ASIC to eliminate unfair terms from their contracts.

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ASIC consults on reforms to add-on insurance sales to drive better outcomes for consumers

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ASIC has released a consultation paper seeking feedback on proposals to reform the sale of add-on insurance and warranties through car dealerships. The consultation paper proposes: A deferred sales model:

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ASIC announces regtech showcase event

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ASIC has announced that it will hold a showcase event on regulatory technology (regtech) on 18 September 2017 in Sydney. With regtech at the top of the minds of both regulators and

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ASIC calls for expressions of interest for membership of Financial Services and Credit Panel

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The Australian Securities and Investments Commission is calling for expressions of interest from financial services and consumer credit industry participants who are interested in becoming members of the new ASIC

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ASIC extends partnership for digital investigation and analytics software

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The Australian Securities and Investments Commission has extended its partnership with Australian software company Nuix following a competitive tender process. The new contract forms part of ASIC’s expanding analytics and

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ASIC targets unlicensed binary option mobile apps

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In March 2017, ASIC conducted a review of various mobile app stores focusing on apps associated with binary options trading. The review highlighted over 330 apps which were offered to

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ASIC reports on Australian bank audits following Wells Fargo misconduct

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ASIC yesterday outlined the results of audits conducted by eight banks in Australia following the regulatory action taken in the United States against Wells Fargo Bank, N.A. (Wells Fargo) in

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Abu Dhabi and Australia seal agreement on fintech cooperation

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The Abu Dhabi Global Market (‘ADGM’) Financial Services Regulatory Authority (‘FSRA’) and ASIC today signed a Cooperation Agreement which provides a framework for cooperation to support and understand financial innovation

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