A Duty of Care and The Broker11 May 2017 | Insurance & Health Law
The traditional role of an insurance broker is well known. Simply put, a broker acts as a professional adviser to insureds, or parties seeking insurance. They apply their experience and knowledge of the insurance market and insurance practice to assist...
FOS to be abolished and replaced by AFCA11 May 2017 | Insurance & Health Law
From 1 July 2018, the Australian Financial Complaints Authority (AFCA) will replace the Financial Ombudsman Service (FOS). FOS will remain in existence after that date only to determine existing claims that were before FOS prior to that date. AFCA will be
Changes to professional standards for financial advisers: The Corporations Amendment (Professional Standards of Financial Advisers) Act 20179 May 2017 | Insurance & Health Law
The Corporations Amendment (Professional Standards of Financial Advisers) Act 2017 (Act) received royal assent on 22 February 2017. The Act introduces new reforms to raise the professional, educational and ethical standards of financial advisers....
Amending and enforcing scheme constitutions: what we’ve learned from Lewski v Australian Security & Investments Commission  FCAFC 969 May 2017 | Insurance & Health Law
This Federal Court of Australia Full Court decision sheds light upon issues of members’ rights with regard to scheme constitutions and provides an interesting discussion on the effect of lodging a constitution with ASIC. The matter concerns the...
ASIC Enforcement Review Taskforce – Consultation on significant breach reporting9 May 2017 | Insurance & Health Law
On 19 October 2016, the Federal Government established the ASIC Enforcement Review Taskforce to review the ASIC enforcement regime (Taskforce), following the findings of the Financial System Inquiry and the perceived need to strengthen the regulation of..
Bird is the Word15 March 2017 | Insurance & Health Law
Introduction In the recent decision of Wayland v Bird  NSWCA 26, the NSW Court of Appeal upheld the primary judge’s decision to reject an application to join a professional indemnity insurer to proceedings, pursuant to s 6(4) of the Law Reform