ASIC

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Is Google Insurance Coming?

Google Insurance Comparison With News Google has registered business names in the United States for its car insurance comparison site, could it also be planning to bring it to Australia? Google currently compares 176 insurance providers in the United Kingdom, however it face a number of hurdles before it could enter into the Australian insurance market 1) Insurers reluctance Since 2002 the owners of Quotesonline have approached leading Australian insurers, all of whom refuse to enter into the aggregation space, fearing

Life Insurer Withdraws Misleading Ads

  Life insurer TAL has withdrawn an advertisement for it funeral insurance following ASIC concerns. ASIC was concerned that in TAL’s advertising of its funeral insurance product: premium increases and stepped premiums were not adequately disclosed or explained; qualifications relating to advertised prices were not sufficiently prominent; and quoted prices were not representative of the imagery used in the advertising, including the age of the actors. ASIC’s view was there was a risk that some consumers may be misled

Who referees Insurance Brokers

The Australian Securities and Investments Commission ASIC are an independent Commonwealth Government agency who’s role include the licensing of  life or general insurance brokers. ASIC receives reports about delivery of life or general insurance products, an ASIC licensed Australian financial services (AFS) licence authorises licensees to provide financial product advice to clients. ASIC investigations has lead to at least six insurance professionals being banned or jailed in recent months. In the event of dispute 

Insurance Broker Facing 5 Years In Prison

Former South Australian insurance broker Craig Horsell is facing 5 years in prison following an ASIC investigation, its alleged that Mr Horsell acted dishonestly when he authorised the transfer or 88 insurance premium payments from clients totalling $414,299 into his bank account but did not purchase the insurance product requested by his clients. During this period he was an employee and director of Horsell International Pty Ltd (HIPL) and PSC Horswell Insurance Brokers Pty Ltd, in January this year ASIC permanently banned Mr Horsell from providing financial services, HIPL and or

SA financial adviser permanently banned by ASIC

ASIC has permanently banned Trevor Wayne Carll, of Port Pirie, South Australia, from providing financial services. Mr Carll’s banning follows an ASIC investigation into his conduct while he was an authorised representative of the following Australian Financial Services licensees between 21 June 2004 and 20 May 2010: Financial Wisdom Ltd Financial Planning Services Australia Pty Ltd Genesys Wealth Advisers Ltd. Between June 2004 and August 2007, Mr Carll was employed by Port Pirie-based financial planning business, Bruce McDonald Investment Services Pty Ltd. ASIC said its investigation

Assistance for flooded companies from ASIC

ASIC has made special arrangements to assist companies affected by the current Queensland floods. ASIC’s Regional Commissioner for Queensland Dr Pamela Hanrahan said, “ASIC recognises that some companies and office holders in flood affected areas may have difficulties in coming weeks with lodgments, notifications and payment of fees. In cases where companies and office holders are experiencing difficulties, extensions of time may be granted and late fees waived. Each case will be considered on its own individual merits.” If your company records

ASIC updates insurance arrangement for AFS licensees

The Australian Securities and Investment Commission (ASIC) has released an updated version of Regulatory Guide 126 Compensation and insurance arrangements for AFS licensees. This guide sets out the minimum Professional Indemnity requirements for licensees with an exposure to retail clients. As background: The various requirements of the ‘Implementation policy period’, or Stage 1, of RG126 should have been addressed by licensees over the course of 2008 by effecting various changes

Who is Hollard Insurance Group

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Two men charged for operating unlicenced financial services business

ASIC has charged two men for carrying on a financial services business without holding an Australian Financial Services Licence. Mr Barry John Patrick of Frankston, Victoria was charged on three counts with carrying on a financial services business and one count of providing financial advice without holding an Australian Financial Services Licence (AFSL), following an investigation by ASIC. The charges relate to Mr Patrick’s alleged involvement with carrying on a financial services business without an AFSL in the following entities: Casey

ASIC appoints new Deputy Chair and Commissioner

Australia’s regulator of the financial services industry including the insurance industry, ASIC, has appointed Ms Belinda Gibson as Deputy Chairman and Mr Shane Tregillis as a new Commissioner. ASIC Chairman Tony D’Aloisio said, “Belinda Gibson and Shane Tregillis both have long experience in corporate regulation and securities and will ensure the Commission has the depth and the background to deal with our increasing responsibilities, including market supervision and consumer credit.” Arrange an Insurance Quote

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