Financial System Inquiry

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…

  • The Government’s response to the FSI contains both good and bad news for insurers and brokers
  • One issue of concern is the proposal that ASIC must approve all changes in control of AFS Licensees.  This will significantly expand such regulatory oversight beyond authorised insurers to a multitude of insurance brokers and underwriting agencies.

The good…

The Government has given its support to a “user pays” industry funding model for ASIC in line with the recommendations of the Financial System Inquiry (FSI). A consultation paper has been issued today by Assistant Treasurer, Josh Frydenberg, detailing how the funding model will work.

The new funding model will require the biggest users of…

The next few months provide a crucial opportunity for participants in the Australian financial services industry to influence the final report of the Australian Financial System Inquiry, headed by David Murray.

The Interim Report has generated a lot of debate around the role of vertically integrated groups, the favourable funding and regulatory position of …