Consumer credit insurance (CCI) is a type of add-on insurance sold with credit cards, personal loans and car loans. It is promoted to borrowers to help them meet their repayments if they lose their job, become sick or injured, or die. However, CCI has long been associated with poor consumer outcomes in Australia
The Australian economy is in the midst of a major transformation, moving from growth led by investment in resources projects to broader-based drivers of growth in the remainder of the economy. The Australian Government is facilitating this transition from a mining boom to an ideas boom through policy changes that encourage new ideas and propel
Introduction
Earlier this year Data 61 issued its landmark report on distributed ledgers and the scenarios for the Australian economy over the coming decades. Perceptively, the government funded report noted that we are now living “in an era of rapid technology-fuelled change, which is creating complex strategy and policy choices for governments and companies.” The
There is an argument that the financial services sector is always changing and that fintech is a case of déjà vu. For those of us with some grey hair we have seen important innovations such as credit cards, automated banking machines and, more recently, online banking. But such innovation did not revolutionise financial services, even
Following the 2008 global financial crisis, regulatory authorities around the world have been working on measures to strengthen individual accountability of senior individuals within the banking sector.
The United Kingdom is, perhaps, the most well-known having introduced a new senior managers and certification regime, which forms the basis of an individual accountability regime through a
Norton Rose Fulbright is pleased to offer you a rare opportunity to hear from some of the leading voices in risk and disruption.
We will be hosting our annual Financial Institutions Symposium in our Sydney office on Thursday 27 October 2016. Discussion will focus on current ‘Risks & Disruptors’ in the global
Encouraging innovation in financial services has been a key policy initiative of the Federal Government in recent times. In its May budget, the Treasurer announced a plan to create a technologically driven and innovation-based economy.
The Australian corporate and conduct regulator, ASIC, has driven this commitment to innovation. In April 2015, it established its ‘Innovation
The recent passing of the Tax Laws Amendment (Tax Incentives for Innovation) Act 2016 (Act) reflects the Federal Government’s commitment to further its National Innovation and Science Agenda. The measures should help in boosting the use of pooled venture capital focused funds as a way of channelling investor capital into otherwise cash starved
In response to Opposition calls for a Royal Commission into the banking sector, the Australian Government has announced a $127 million reform package aimed at increasing the powers of Australia’s corporate watchdog, ASIC. A key component of that package will be the accelerated implementation of two key recommendations of the Financial System Inquiry: an obligation
In his recent speech at the Insurance Council of Australia Annual Forum ASIC’s Peter Kell delivered a scathing commentary on the state of the add-on insurance market, saying that the industry had made insufficient progress towards delivering better consumer outcomes in the area and sounded a warning: if ASIC is still raising similar concerns in