avatar

Ann-Marie Coleman

Author's details

Name: Ann-Marie Coleman
Date registered: 7 June 2017

Latest posts

  1. New EDR scheme established for financial services complaints — 21 February 2018
  2. Draft legislation proposes design and distribution obligations for financial products — 20 February 2018
  3. ASIC review into direct life insurance results in customer refunds — 7 February 2018
  4. ASIC seeks further powers to provide directions to licensees — 14 November 2017
  5. ASIC seeking to enhance banning power — 13 September 2017

Author's posts listings

New EDR scheme established for financial services complaints

The Government has passed legislation which introduces a new external dispute resolution (EDR) scheme, known as the Australian Financial Complaints Authority (AFCA), to resolve disputes relating to financial services complaints. The establishment of AFCA means there will be a single scheme for all financial services and superannuation complaints. Currently there are three separate schemes: the …

Continue reading »

Draft legislation proposes design and distribution obligations for financial products

Late last year, the Government released an exposure draft of the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Bill 2017 (Bill). The Bill seeks to introduce: design and distribution obligations for financial products to ensure such products are targeted at the right people; and a temporary product intervention power for ASIC …

Continue reading »

ASIC review into direct life insurance results in customer refunds

ASIC has announced that ClearView Life Assurance Limited (Clearview) will refund 16,000 customers a total of approximately $1.5 million. This follows an ASIC review of Clearview’s life insurance sales practices. The review focused on sales to consumers residing in high Indigenous populated areas who were unlikely to have English as their first language. The sales …

Continue reading »

ASIC seeks further powers to provide directions to licensees

The ASIC Enforcement Review Taskforce (Taskforce) is seeking to expand ASIC’s powers to give directions to financial services and credit licensees (licensees). This follows on from the Taskforce’s earlier recommendation that ASIC’s banning powers be enhanced (see our previous update for more information – available here). The key recommendations from the Taskforce are as follows: …

Continue reading »

ASIC seeking to enhance banning power

The ASIC Enforcement Review Taskforce (Taskforce) is seeking to enhance ASIC’s banning powers, to ensure ASIC can take action to ban senior managers from managing financial services business. The Taskforce has made two key recommendations to increase the banning powers. 1. Whilst ASIC currently has the power to ban a person from providing financial services, …

Continue reading »

ASIC consults on add-on insurance reforms

ASIC is seeking feedback on proposals to reform the sale of add-on insurance through car dealerships. Consultation Paper 294 sets out ASIC’s approach and proposed reforms in detail. The reforms would see the introduction of: A deferred sales model ASIC proposes to introduce a deferred sales model which would insert a pause in the sales …

Continue reading »

Enforcement report confirms ASIC’s focus for remainder of 2017

On 22 August 2017, ASIC released a report regarding its enforcement outcomes from the first half of 2017. The report also flags what the focus of ASIC’s enforcement activity will be over the next six months (1 July to 31 December 2017). Consumer credit continues to be a key focus for ASIC, as do obligations …

Continue reading »

CCI sales process to be overhauled

ASIC has recently announced the establishment of a Consumer Credit Insurance (CCI) Working Group, who have been tasked with improving outcomes for CCI customers. The CCI Working Group will progress a range of reforms. A key reform will be the introduction of a deferred-sales model for CCI sold with credit cards over the phone and …

Continue reading »

Breach reporting obligation repealed for group purchasing bodies

Group purchasing bodies (GPBs) are no longer required to report breaches of the conditions of relief provided by ASIC Class Order 08/1 (Class Order). The obligation to comply with the breach reporting condition in the Class Order was due to commence from 30 June 2017 but has been repealed. GPBs are persons who arrange or …

Continue reading »

Call for extension of conflicted remuneration ban

The ban on conflicted remuneration should extend to the general insurance industry and to all life policies, regardless of whether the policy was obtained through the superannuation system or not, according to Industry Super Australia (ISA) and the Australian Institute of Superannuation Trustees (AIST). In May this year the Government sought stakeholder submissions on the five …

Continue reading »

Older posts «