compliance

Financial planning

CBA reinforces its self-reporting to ASIC

The Commonwealth Bank has reinforced the fact that it has self-reported the problems around advice clients being billed for advice they did not receive amid the high-prof...

Superannuation

ISA wants naming and shaming on unpaid EDR determinations

Industry Super Australia wants those firms guilty of not paying in line with FOS determinations to be named and shamed....

Financial planning

ASIC defines the power of the code

ASIC has confirmed it will be relying on professional associations to administer planner codes of conduct with the ultimate sanction being a planner’s loss of membership ...

Policy & Regulation

FOS already using planner expertise: Tregillis

The chief ombudsman, Shane Tregellis, has said the Financial Ombudsman Service is never reluctant to call on the expertise of planners to help in dealing with disputes....

Policy & Regulation

Is ASIC under-funding the Super Complaints Tribunal?

The Australian Securities and Investments Commission is perceived as diverting funding away from external dispute resolution towards its own regulatory agenda, according ...

Editorial

Claims handling reality trumps perception

Mike Taylor writes that ASIC must deal in the complex realities of insurance claims handling, not the headline-making perceptions....

Life/Risk

APRA scrutinising CommInsure’s whistleblower handling

APRA is considering whether the whistleblowing provisions of the Life Insurance Act were adhered to in the CommInsure claims handling controversy....

Life/Risk

Name and shame bad insurers says lawyer

Life insurers who decline up to 37 per cent of TPD claims should have been named by ASIC, according to Maurice Blackburn Lawyers....

Life/Risk

CommInsure pays $2.5 million in claims under revised definitions

Under investigation by ASIC, CommInsure has paid claims totalling $2.5 million after updating its definitions....

Life/Risk

ASIC warns insurers on TPD handling

ASIC has delivered life insurers are relatively clean bill of health on claims handling but with significant caveats, particularly around TPD....

Superannuation

Super funds reject FOS model

Superannuation funds put a strong argument to the Government for rejecting the FOS model of external dispute resolution and retaining the Superannuation Complaints Tribun...

Policy & Regulation

Bankers positive on Parliamentary Committee outcome

The Federal Opposition may be painting the Parliamentary Committee inquiry into the banking industry as a damp squib but the Australian Bankers’ Association is accentuati...

Policy & Regulation

Auditor-General critical of ATO on revenue commitments

Amid Government efforts to reign in the Budget deficit, an Auditor General’s report says it is unclear whether the ATO has met its compliance-related revenue commitments....