The first edition of our Global Asset Management Quarterly is now available.
This publication highlights key developments that will be of interest to and affect our asset management clients, including market trends and developments in tax and buy-side regulation globally.
View A global briefing on developments and market trends, March 2016
Following an eight month review, ASIC has released its findings on the PI insurance market and areas of regulatory risk for AFS licensees providing financial product advice to retail clients on Tier 1 products (referred to as ‘advice licensees’).
While the availability of PI insurance cover has improved, ASIC found that not all advice licensees have adequate cover.
ASIC detected compliance issues in five key areas and signalled an intention to increase surveillance of advice licensees to monitor compliance. ASIC’s position is that these issues should be addressed by the industry.
The drive towards automated financial services will gather pace in 2016 and here’s the next opportunity to influence the debate.
After updating its relief to better facilitate electronic delivery of mandated disclosure and the use of innovative product disclosure statements (see RG 221), ASIC has released Consultation Paper CP 249 Remaking ASIC class order
Continued market consolidation, technology driven disruption and a shift towards behavioural based conduct regulation were the standout themes in the Australian insurance sector over the last 12 months. We take a brief look at the year that was and share our thoughts on what 2016 looks like.
Keep ahead or be left behind: rise of
This blog post was co-authored by Phoebe Saintilan
The ‘Paris Agreement’ was adopted on 12 December 2015 at the COP 21 UN Climate Change Conference (Conference). It may potentially herald the end of the fossil fuel era and a global move towards a low carbon future and renewable energy. This will undoubtedly influence
Greg Medcraft made some very encouraging impromptu comments at the COALA/CBA Blockchain Workshops conference in Sydney on 10 December that are consistent with the renewed push to facilitate technology-led innovation in Australia.
Mr Medcraft indicated that the Australian Securities and Investments Commission (ASIC) is willing to support the modification of Australian law to the extent
Just as telematics has been supplementing motor vehicle insurance underwriting, Australia’s health and life insurance markets are embracing innovative technologies in the form of “wearables”.
Underwriters traditionally rely on pre-policy questionnaires and proposal forms to assess risk and set the terms of cover they will accept; however, the information that can be obtained provides only
APRA’s discussion paper and proposed new APS 120 provide some welcome clarification and concessions for Australian market participants. Released on Thursday 26 November 2015, the proposals will be open for comment until 1 March 2016. The proposed effective date for these rules in 1 January 2018.
Amongst the more important proposals are:
De-facto master trust
The good
Government releases its Response to FSI Final Report.
The Australian Government has released its Response to last December’s Final Report of the Financial System Inquiry or ‘Murray Inquiry’.
The Government appears to have accepted almost all of the Inquiry’s recommendations and has also proposed additional measures that are consistent with the Murray Inquiry’s underlying philosophy.