Make provisions of industry codes enforceable On 18 March 2019, the Government released a consultation paper: Enforceability of financial services industry codes. The paper sets out a series of questions that will inform the development of legislation to enact the Read More …
Tag: provision
6.11 — Formalising meeting procedure
The ASIC Act should be amended to include provisions substantially similar to those set out in sections 27–32 of the APRA Act — dealing with the times and places of Commissioner meetings, the quorum required, who is to preside, how Read More …
6.8 — Extending the BEAR
Over time, provisions modelled on the BEAR should be extended to all APRA‑regulated financial services institutions. APRA and ASIC should jointly administer those new provisions. Government Response The Government agrees to extend the BEAR to all APRA regulated entities, including Read More …
6.5 — APRA to retain functions
APRA should retain its current functions, including responsibility for the licensing and supervision of RSE licensees and the powers and functions that come with it, including any power to issue directions that APRA presently has or is to be given. Read More …
6.4 — ASIC as conduct regulator
Without limiting any powers APRA currently has under the SIS Act, ASIC should be given the power to enforce all provisions in the SIS Act that are, or will become, civil penalty provisions or otherwise give rise to a cause Read More …
6.3 — General principles for co regulation
The roles of APRA and ASIC in relation to superannuation should be adjusted to accord with the general principles that: APRA, as the prudential regulator for superannuation, is responsible for establishing and enforcing Prudential Standards and practices designed to ensure Read More …
4.12 — Accountability regime
Over time, provisions modelled on the BEAR should be extended to all APRA‑regulated insurers, as referred to in Recommendation 6.8. Government Response The Government agrees to this recommendation, consistent with the Government’s response to Recommendation 6.6 about the extension of Read More …
4.9 — Enforceable code provisions
As referred to in Recommendation 1.15, the law should be amended to provide for enforceable provisions of industry codes and for the establishment and imposition of mandatory industry codes. In respect of the Life Insurance Code of Practice, the Insurance Read More …
4.7 — Application of unfair contract terms provisions to insurance contracts
The unfair contract terms provisions now set out in the ASIC Act should apply to insurance contracts regulated by the Insurance Contracts Act. The provisions should be amended to provide a definition of the ‘main subject matter’ of an insurance Read More …
Recommendations – Insurance
Recommendation 4.1 — No hawking of insurance Recommendation 4.2 — Removing the exemptions for funeral expenses policies Recommendation 4.3 — Deferred sales model for add‑on insurance Recommendation 4.4 — Cap on commissions Recommendation 4.5 — Duty to take reasonable care Read More …