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News & Updates for General Insurance

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IMPACT OF THE GDPR ON AUSTRALIAN BUSINESSES 05 Nov 2018
You may think you’re not affected by the European Union’s new General Data Protection Regulation because you don’t advise clients in the EU? Think again – especially if you use apps like Mailchimp or DocuSign. Even if you merely monitor your clients’ behaviour when they are travelling i ..
THE FOLD WINS AT THE 2018 PROFESSIONAL SERVICES AWARDS. 30 Oct 2018
Winning awards is great, but it’s especially rewarding when they’ve been judged by our clients! That’s why we’re thrilled to have been named a winner in both the Insurance and Banking & Finance categories at the 2018 Professional Services Awards (https://www.professionalservicesawards.com.au ..
FOS / AFCA TRANSITION INVOLVES MUCH WORK FOR AFS LICENSEES. 27 Sep 2018
By now, all credit and financial services licensees, and superannuation trustees must have joined AFCA. But don’t overlook the additional work required to effectively transition from your existing external dispute body to AFCA by 1 November 2018. The two key things you need to do are: #1 ..
RMs, CHANGE OF CONTROL AND THE QUESTION OF COMPETENCE. 06 Sep 2018
A change of control of an AFS licensee or credit licensee is not presently subject to approval by ASIC. The ASIC Enforcement Review Taskforce has recommended that this be addressed in its third Position and Consultation paper (https://treasury.gov.au/consultation/strengthening-asic-licensing-pow ..
SME CREDIT PROVIDERS NEXT IN LINE FOR ASIC SCRUTINY. 06 Jun 2018
Although recent ASIC enforcement action and the Royal Commission have predominantly focused on the lending practices of the major banks, it would be foolhardy to assume that non-bank lenders are not a focus. Patterns emerging teach us that they are the next focus. How do we know this? W ..
SME PLANNERS, ACCOUNTANTS & LIFE ADVISERS NEXT IN LINE FOR ASIC SCRUTINY. 28 May 2018
Although recent ASIC enforcement action and the Royal Commission have predominantly focused on the major banks and AMP, it would be foolhardy to assume that non-bank advice firms are not a focus. Patterns emerging teach us that you are the next focus. How do we know this? Well, ASIC’s mo ..
CHANGES TO ASIC LICENSING. 22 May 2018
At a liaison meeting between ASIC and professional licensing consultants in March this year, we were warned not to expect a return to the good ol’ days of 2 month turnarounds on AFS and credit licence applications – ever! It seems that ASIC considers 6 months to be an acceptable minimum. Here’s  ..
AVOID COMPLAINTS WITH GOOD QUALITY ADVICE. 07 May 2018
The Financial Ombudsman Service (FOS) resolves disputes between financial service providers and consumers. The best way to avoid or defend a dispute is to provide good quality advice. According to FOS, good quality advice means you have: Made reasonable enquiries to understand what your c ..
LEVERAGE INSURANCE TO NEGOTIATE FAIRER CONTRACTS. 30 Apr 2018
In November 2016, the Australian Consumer Law (ACL) introduced new protections for small business. These prevent (often larger) businesses from trying to rely on unfair contract terms. The Federal Court recently decided the first court case on this legislation. The case involved waste manag ..
THE FOLDTASTIC 4 COASTREKS FOR SIGHT. 20 Apr 2018
On 16 March, the Foldtastic 4 took on the challenge of Sydney Coastrek 2018 to raise money for the Fred Hollows Foundation. We walked 60 kms - from Manly to Bondi Beach. The Foldtastic 4 included Sonia Cruz, Jonathan So, Chris Deeble and myself. A special mention to Jessica Fraser who was bo ..
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