ASIC continues to reshape its approach to enforcement, with the focus on disclosure having shifted sharply in the last year to a focus on delivering better consumer outcomes. In the last 12 months, we have been discussing ASIC’s use of behavioural economic theory and the spectre of UK regulation that underpins ASIC’s drive towards product
Credit card providers have agreed to provide customers with clearer information regarding when ‘complimentary’ travel insurance is activated and to what extent cover is provided.
Many credit card holders have access to ‘complimentary’ travel insurance. However, many of these do not know that they have the benefit of cover, how to activate it, how it
In a move likely to be welcomed by the general insurance industry, ASIC has proposed to maintain the relief provided for distributors of general insurance products.
A few short years after the introduction of the new financial services regime in Chapter 7 of the Corporations Act 2001 (Cth), ASIC began to appreciate the special nature
Technology led innovation can cause much indigestion for conduct and prudential regulators as they try to find the right regulatory pigeion hole for innovators in their regimes that were not built to handle such innovation. It is this disruptive impact of innovation that is shaping the regulation of tomorrow.
Numerous conduct regulators around the world
Financial Institution Symposium
Technology-led innovation has the potential to truly disrupt existing business models and distribution channels in the financial services industry.
In Australia and more broadly, we have seen start-ups build innovative payment systems, peer-to-peer lending platforms, crypto-currencies, robo-advice and automated investment management.
However, the large institutions are well capitalised, have large customer bases
Recent enforcement action by ASIC against collapsed payday lender, the Cash Store Pty Ltd (TCS), has put the sale of consumer credit insurance (CCI) into sharp focus.
On 19 February 2015, the Federal Court awarded penalties against TCS and its loan funder, Assistive Finance Australia Pty Ltd (AFA) of
The Federal Government’s novel approach to tackling housing insurance affordability issues in North Queensland continued this week with the unveiling of ASIC’s home insurance comparison website. Replete with disclaimers and emphasising product features over policy price, the website is intended to aid consumer understanding and decrease underinsurance in a market struggling under flood and wind
The Australian Securities & Investments Commission (ASIC) has continued its campaign for improved disclosure by insurers and their agents – this time in the motor vehicle insurance sphere. On 26 February 2015, ASIC published a report that examines the operation of no-claims discount (NCD) schemes for motor vehicle insurance and concluded
On 19 February 2015, we reported on ASIC enforcement actions in the second half of 2014.
ASIC has since updated its regulatory guidance on enforceable undertakings (RG 100). The updated guidance will apply to enforceable undertakings accepted by ASIC from 9 March 2015.
The changes made to the guidance centre primarily around the engagement of
ASIC has recently released its quarterly enforcement report detailing enforcement outcomes between 1 July 2014 and 31 December 2014. The report addresses the range of criminal and civil action taken by the regulator, and highlights action taken against companies and directors resulting in criminal charges which were most significant during the period.
In addition, significant