ASIC warns: get registered
At least 300 insurance brokers are trading illegally, according to the Australian Securities and Investments Commission (ASIC).
ASIC research has revealed that at least 300 people advertising as insurance brokers in the Yellow Pages are unregistered.
Peter Kell, the director of ASIC's office of consumer protection, says that an unregistered person conducting the business of an insurance broker was breaking the law.
Kell says ASIC has written to the unregistered brokers giving them until April 19 to register. Insurance brokers in Australia must be licensed and registered by ASIC.
"The benefit for consumers of dealing with a registered broker is that they are dealing with someone who has professional indemnity insurance and belongs to an approved complaints resolution scheme," Kell says.
Recommended for you
Licensing regulation should prioritise consumer outcomes over institutional convenience, according to Assured Support, and the compliance firm has suggested an alternative framework to the “licensed and self-licensed” model.
The chair of the Platinum Capital listed investment company admits the vehicle “is at a crossroads” in its 31-year history, with both L1 Capital and Wilson Asset Management bidding to take over its investment management.
AMP has settled on two court proceedings: one class action which affected superannuation members and a second regarding insurer policies.
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.
