ASIC issues industry review of life insurance claims

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ASIC yesterday released its review of the life insurance sector’s handling of claims. The review found that, while life insurers are paying the considerable majority of claims, there are significant shortcomings

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13 Oct 2016

ASIC warns AFS licensees to lodge financial statements and auditor’s reports on time

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ASIC has been pursuing Australian Financial Services (AFS) licensees that have failed to meet their obligation to lodge their annual financial statements and auditor’s reports with ASIC within the specified

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07 Oct 2016

ASIC updates regulatory framework for charitable investment fundraisers

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ASIC has issued a revised policy and regulatory framework for charities that raise investment funds. The framework removes regulatory barriers to the issue of financial products while strengthening protection for

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29 Sep 2016

Westpac refunds $9.2 million after failing to waive bank account fees for eligible customers

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Westpac Banking Corporation (Westpac) has refunded approximately $9.2 million to 161,414 customers after it failed to waive fees on Westpac and St. George branded savings and transaction accounts over six

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14 Sep 2016

Westpac refunds $20 million in credit card foreign transaction fees, as ASIC warns consumers on foreign transaction fees for Australian dollar transactions

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Westpac Banking Corporation (Westpac) has recently refunded approximately $20 million to around 820,000 customers for not clearly disclosing the types of credit card transactions that attract foreign transaction fees. Following

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09 Sep 2016

ANZ to refund nearly $29 million to more than 390,000 accounts as a result of unclear fee disclosures

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Australia and New Zealand Banking Group Limited (ANZ) is refunding $28.8 million to 376,570 retail accounts, and 17,230 business accounts, after it failed to clearly disclose when certain periodical payment

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06 Sep 2016

ASIC launches new divorce and separation resources to support financial decisions

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New online resources – the Divorce and Separation Financial Checklist and the Asset Stocktake Calculator – developed by ASIC will help people navigate the financial aspects of divorce and separation.

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02 Sep 2016

ASIC releases guidance on regulating digital advice

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ASIC has released its guidance on providing digital financial product advice for retail investors: Providing digital financial product advice to retail clients (RG 255). The guide brings together some of

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31 Aug 2016

Review of Australian equity market cleanliness

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A review by ASIC has found an overall improvement in the measures of cleanliness in the Australian listed equity market over the past decade. Report 487 Review of Australian equity

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10 Aug 2016

ASIC consults on communicating audit findings to directors, audit committees or senior managers

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ASIC yesterday released a consultation paper about it directly communicating specific financial reporting and audit findings identified from ASIC reviews of external audit files to directors, audit committees or senior managers

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26 Jul 2016