Sophie Devitt

Sophie Devitt

DLA Piper

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APRA releases Insight report on the life insurance and general insurance markets

APRA has released its second Insight report into the life insurance and general insurance markets for 2014. In terms of the general insurance markets, APRA makes a number of interesting observations....more

12/19/2014 - Commercial Insurance Policies D&O Insurance Insurance Companies Liability Insurance Life Insurance

Final report of the Financial Systems Inquiry released

The Financial System Inquiry has released its final report. The report makes 44 recommendations based around two general themes: funding Australia’s economy and boosting competition. In a nod to the strength of the insurance...more

12/9/2014 - Australia Financial Markets

ASIC chairman explains ‘why ASIC should matter to Australians’

In a speech to the National Press Club, ASIC Chairman, Greg Medcraft, answered the question as to what ASIC does and why ASIC matters to Australians. He dealt with the role of ASIC, the challenges for ASIC and how ASIC will...more

12/5/2014 - ASIC Australia

ASIC looks for more opportunities for electronic disclosure

The release of ASIC’s consultation paper 224 Facilitating electronic financial services and disclosures invites financial product providers and advisors to provide feedback on improving electronic financial services...more

11/17/2014 - Australia Consumer Financial Products Disclosure Requirements Electronic Payment Transactions

Insurance Brokers to be the gatekeepers for unauthorised foreign insurers in North Queensland

The announcement last week of the establishment of an aggregator website for North Queensland strata, home building and home contents insurance coupled with a proposal to allow unauthorised foreign insurers (UFI) into the...more

11/4/2014 - Australia Broker-Dealer Brokers Foreign Insurance Companies

Government announces initiatives to reduce insurance costs in North Queensland

The Finance Minister, Mathias Cormann, has announced the establishment of a comparison website for home building and home contents insurance products for the North Queensland market. The site is designed for consumers to be...more

10/24/2014 - Australia Insurance Reform

ASIC releases its Strategic Outlook 2014/2015

ASIC yesterday published its Strategic Outlook for 2014-2015. The Strategic Outlook is a new initiative for ASIC, which identifies the key risks ASIC sees in the immediate future for the markets it regulates and how it...more

10/21/2014 - ASIC Australia

APRA releases Aid for directors of insurers and ADIs

Directors of Australian Prudential Regulation Authority (APRA) regulated entities have additional obligations placed on them by APRA. In response to feedback received from directors, APRA has today released an Aid for...more

10/8/2014 - Australia Directors Prudential Regulation Authority Prudential Standards

ASIC reminds AFS Licensees to report breaches early

In response to recent correspondence between ASIC and the Institute of Internal Auditors Australia, ASIC announced a review of breach reporting by AFS licensees in response to concerns raised about inconsistencies and delays...more

9/29/2014 - ASIC Australia Reporting Requirements

ASIC reports on FOFA implementation

On 17 September 2014, ASIC reported on the results of two financial advice industry engagement projects conducted during the 2013-13 financial year. The Review of the financial advice industry’s implementation of the...more

9/25/2014 - ASIC Australia Financial Regulatory Reform FOFA Reforms

Corporate Insurance Trends 2014

Although we are seeing the tail end of many of the claims which arose from the Global Financial Crisis, the sophisticated plaintiff’s bar and ever-developing class action landscape means that companies and their officers will...more

9/16/2014 - Arbitration Arbitration Agreements Class Action Cyber Insurance Cybersecurity D&O Insurance Disclosure Requirements Insureds Liability Insurance Professional Liability Risk Management Underwriting

APRA to remove duplication in prudential standards

On 28 August 2014 APRA advised all ADIs, general insurers and life companies that amendments will be made to prudential standards applicable to them. These amendments prevent any duplication within the prudential standards...more

9/9/2014 - Australia Insurers New Amendments Prudential Standards

FOFA Amendment Bill passed by House of Reps

The amendments contained in the Bill confirm the changes that were made by regulation earlier this year. The amendments also include changes agreed with the Palmer United Party and the Australian Motoring Enthusiast Party. ...more

9/3/2014 - Amended Legislation Australia FOFA Reforms

Payday lender breaches National Consumer Credit Act

On 26 August 2014 the Federal Court determined that the Cash Store Pty Ltd (in liquidation), a payday lender, and Assistive Finance Australia Pty Ltd, a loan funder, committed seven separate breaches of their lending...more

9/3/2014 - Australia Loans NCCA Payday Loans

Regulators release Statements of Intent

The Australian Government (via The Treasury) has published Statements of Expectations for the Australian Prudential Regulation Authority (APRA), the Australian Competition and Consumer Commission (ACCC) and the Australian...more

8/13/2014 - ASIC Australia Letters of Intent

Financial System Inquiry – interim report released

The interim report of the Financial System Inquiry was released on 15 July. In the report, the Inquiry’s committee, headed up by Mr David Murray AO, have made 28 observations on how the system is currently operating. There...more

7/18/2014 - Australia Capital Markets Financial Institutions

Group purchasing reporting period extended

ASIC has amended Class Order 08/1 to extend the reporting period for any breaches of the conditions of the class order for group purchasing bodies by 12 months. The class order provides relief to group purchasing bodies from...more

7/11/2014 - ASIC Australia Reporting Requirements

First tranche of FOFA reforms underway

A number of the government’s FOFA reforms commenced on 1 July 2014 by way of the Corporations Amendment (Streamlining Future of Financial Advice) Regulation. These changes include: - Removal of ‘opt-in’...more

7/8/2014 - Australia FOFA Reforms

Assistant Treasurer releases draft regulations for insurance duty of disclosure notices

The Minister for Finance and Acting Assistant Treasurer, Senator the Hon Mathias Cormann, has released for consultation the draft regulations for the insurance duty of disclosure notices addressing the Insurance Contracts...more

6/4/2014 - Australia Disclosure Requirements Insurance Contracts Proposed Regulation

Government releases discussion paper on North Queensland insurance costs

The paper released by the Government canvasses a number of policy options for addressing the high cost of home and strata insurance in North Queensland. The Government is seeking the public’s and the business community’s...more

5/19/2014 - Australia Insurance Reform

Treasury releases its submission to the inquiry

The Department of Treasury has released its submission to the Financial Systems Inquiry. The 90 page submission concludes that the financial system has performed well since the Wallis inquiry but there is room for the system...more

4/9/2014 - Australia Treasury

Assistant Treasurer announces measures to address insurance needs of North Queensland

At the Insurance Council of Australia’s 2014 Regulatory Update on Friday 28 February, the Assistant Treasurer announced the development of an aggregator for the North Queensland domestic and strata property insurance market...more

2/28/2014 - Australia Foreign Insurance Companies

Government releases exposure draft for FOFA reforms

The Government has released the draft legislation and regulations to amend the FOFA reforms in accordance with the proposed changes announced by the Assistant Treasurer on 20 December 2013. ...more

2/4/2014 - FOFA Reforms

Financial System Inquiry website launched

The website for the Financial System Inquiry was launched on 30 January 2014. The website contains all the up to date information about the inquiry including the final terms of reference announced by the Treasurer on 20...more

1/31/2014 - Australia

Government announces its proposed changes to the FOFA reforms

As anticipated, the Assistant Treasurer has announced the reforms to the FOFA legislation the government will introduce. The reforms include removing the ‘opt-in’ requirement as foreshadowed pre-election. The reforms also...more

12/20/2013 - Australia Conflicts of Interest Disclosure Requirements Fees Financial Adviser FOFA Reforms Grandfathering Rules Opt-In

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