The recent Federal Court decision in ASIC v Auto & General Insurance Company Limited [2024] FCA 272 is the first decision to apply the unfair contract terms (UCT) regime in the context of insurance since its expansion to insurance policies on 5 April 2021. On 22 March 2024, Jackman J delivered a judgment
To all of our global readers we would like to take this opportunity to wish you all a Merry Christmas and a Happy New Year.
We will resume posting material following the festive period on 9 January 2024 although if there are any significant developments we will endeavour to provide an update.
The Australian Prudential Regulation Authority (APRA) has finalised Prudential Standard CPS 230 (Operational Risk Management) (CPS 230) following a year-long industry consultation. The new prudential standard commences on 1 July 2025 and applies to all APRA-regulated entities, encompassing banks, insurers (general, life and health) and registrable superannuation entity licensees. This
The Australian Prudential Regulation Authority (APRA) has finalised Prudential Standard CPS 230 (Operational Risk Management) (CPS 230) following a year-long industry consultation. The new prudential standard commences on 1 July 2025 and applies to all APRA-regulated entities, encompassing banks, insurers (general, life and health) and registrable superannuation entity licensees. This
If you are feeling a case of déjà vu after reading this headline, you are not alone. Just over two years since the unfair contract terms (UCT) regime came into effect for insurance contracts, a revamped regime commences on 9 November 2023. Insurers are yet again reviewing insurance contracts that may now be
If you are feeling a case of déjà vu after reading this headline, you are not alone. Just over two years since the unfair contract terms (UCT) regime came into effect for insurance contracts, a revamped regime commences on 9 November 2023. Insurers are yet again reviewing insurance contracts that may now be
On 16 October 2023 the Australian Federal Treasury released its public consultation paper regarding the proposed regulatory regime for digital asset platforms. The proposed framework highlights the Australian Government’s intention to ensure consistent oversight and safeguards for consumers by regulating digital asset platforms and other intermediaries within the existing Australian Financial Services Licence (AFSL
The months of June and July have seen a flurry of regulatory developments. Treasury has committed to adopting the bulk of the Quality of Advice Review Recommendations, published its second consultation paper on climate disclosure and has announced its intention to uplift Superannuation Performance Testing. As expected with the close of the financial year, disclosure
This article was co-authored with Abhi Ravishankar and Joel McKay
In a much anticipated development, Treasury has released for consultation its exposure draft on Australian financial service (AFS) license exemptions for foreign financial services providers (FFSPs) (the exposure draft Bill and explanatory memorandum can be found here). This consultation comes
The Australian Securities and Investments Commission (ASIC) has published a media release to confirm that the current transitional licensing relief for foreign financial services providers (FFSPs) providing financial services to Australian wholesale clients has been extended for a further 12 months to 31 March 2025.
FFSPs who held the benefit