AFCA reports $83 million in settlements17 July 2019 | Insurance & Health Law
The Australian Financial Complaints Authority (AFCA) has this week released a report summarising its results over the first six months of operation. In what represents a 35% increase on predecessor schemes, AFCA has confirmed receipt of over 35,000...
Professional indemnity for migration agents: recent developments and insights10 May 2019 | Insurance & Health Law
This article discusses the impact of recent developments in the migration agent industry, including: the recent report of the Parliamentary Inquiry into the regulation of Australian migration agents; the abolition last year of the 457 visa and its...
AFCA forces insurer to lower its premium on a home and contents policy26 March 2019 | Insurance & Health Law
The Australian Financial Complaints Authority (AFCA) has made a determination requiring an insurer to lower the premium offered on a home and contents insurance policy - read it here. The relevant complaint was made in response to a renewal notice from...
ASIC given stronger tools to counter corporate and financial misconduct22 March 2019 | Insurance & Health Law
After passing through both houses of Parliament in February, the Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019 received royal assent last week, significantly increasing both civil and criminal penalties...
AFCA begins consultation on plans to accept legacy complaints21 March 2019 | Insurance & Health Law
Following the Hayne Royal Commission, both the Government and Opposition outlined their respective plans to expand the remit of AFCA (see our earlier article). Significantly, both major parties agree on empowering AFCA to consider legacy complaints dating...
AFCA changes give rise to significant uncertainty for financial service providers and their insurers1 March 2019 | Insurance & Health Law
The Australian Financial Complaints Authority (AFCA) is set to be beefed up with potentially significant ramifications for financial service providers and their insurers. AFCA was established in November last year to consider complaints against financial...