Today, the Government releases its response to the landmark Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. The Government is taking action on all 76 recommendations contained within the Royal Commission’s Final Report and in a Read More …
Tag: community
Experiences with financial services entities in regional and remote communities
Round 4 of the Commission’s public hearings explored issues affecting Australians living in remote and regional communities, including agricultural lending and issues affecting Aboriginal and Torres Strait Islander people. The hearings were held in Brisbane (25–29 June 2018) and Darwin Read More …
11.3 What the case study showed
11.3.1 Misconduct AAI accepted that it had contravened the General Insurance Code of Practice in four ways in the course of its dealings with the Healds. First, AAI accepted that it had breached clause 7.2, which required it to conduct Read More …
10.3 What the case study showed
The case study raised a number of distinct issues about AAI’s marketing of the CRC policies and the operation of those policies in the context of the Wye River bushfires. 10.3.1 Misconduct I consider that by representing in its CRC Read More …
6.3 What the case study showed
I have already made findings of misconduct and conduct falling below community standards and expectations above. In summary, I have found that: In respect of the member charged a higher premium after delinking, AMP’s conduct fell below community standards and Read More …
4.3 What the case study showed
This case study showed how TAL had dealt with separate claims under three income protection policies. The claimants had different medical conditions. The case study raised several broader questions about TAL’s policies and procedures. Much of TAL’s conduct was rightly Read More …
2.3 What the case study showed
2.3.1Misconduct In its submissions to the Commission, Freedom suggested that in circumstances where ASIC was reviewing Freedom’s practices, ‘ASIC might be considered the more appropriate body to review and make final determinations regarding the past conduct of Freedom Insurance [than Read More …
7.2 Evidence
During the fourth round of hearings, the Commission had heard that significant issues affecting Aboriginal and Torres Strait Islander people living in remote communities were the barriers to their engagement with and ability to access their superannuation. The Commission heard Read More …
7.1 Background
This case study highlighted the steps taken by QSuper to make its products and services more accessible to its vulnerable members, including Aboriginal and Torres Strait Islander members living in remote communities. Evidence in this case study was given by Read More …
2 Legal assistance and financial counselling services
The asymmetry of knowledge and power between consumers and financial services entities has been evident throughout the Commission’s work. Financial products and services have grown ever more complicated, numerous, and difficult to distinguish. Engagement with the financial services industry, by Read More …