financial services

What is APRA?

  • by The Quotesonline Team

APRA is the Australian Prudential Regulation Authority. It is a statutory authority and the prudential regulator of the financial services industry in Australia. It oversees… Read More »What is APRA?

How does financial services legislation help me?

  • by The Quotesonline Team

Financial services legislation protects you as the consumer so you can easily compare similar products, make informed decisions as to whether to acquire these products or not and trust that your provider is regulated by an independent body.

The Corporations Act makes sure there is:

a) a uniform license and definition applying to all providers of financial services

b) there is a consistent set of requirements for advise and product disclosure for all financial products sold to you.

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Do state insurance taxes burden the consumer and will they be removed?

  • by The Quotesonline Team

The Insurance Council of Australia welcomes the Johnson Report’s proposal to remove state insurance taxes and rationalise regulation, reasoning that “it draws much needed attention to the handicap that state insurance taxes place on the competitiveness and efficiency of the general insurance industry.”

The report by the Australian Financial Centre Forum, led by former Macquarie Bank chief executive Mark Johnson, listed 19 recommendations which have received support from the financial services industry.

The Insurance Council has undertaken extensive economic modelling work in order to demonstrate to its members the case for removing state insurance tax. It shows how these taxes encumber insurance consumers with additional costs making general insurance products less affordable. The council found that “as a result of state insurance taxes there is a detrimental impact on consumers taking out general insurance premiums in order to take individual responsibility for their own risk.”

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Wesfarmers becomes 4th largest in Asia Pacific

  • by The Quotesonline Team

Wesfarmers, the Perth-based conglomerate which also operates in general insurance and financial services, has become Asia Pacific’s fourth largest retailer after a five-year growth spurt up to the end of 2009.

Wesfarmers Insurance division includes Lumley Insurance Australia, Lumley Insurance New Zealand and WFI, one of the largest rural insurers in Australia.

The company’s insurance broking businesses include OAMPS in Australia and the United Kingdom as well as New Zealand’s second largest insurance broker Crombie Lockwood. Wesfarmers Insurance division also has underwriting agencies, premium funding businesses, the OAMPS superannuation fund and OAMPS Financial Management.

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Please note Quotesonline Insurance News is an information service provided by third parties Insure247 Pty Ltd doesn’t warrants the accuracy of any information contained there in, readers should make their own enquiry’s before relying on information in the stories Terms of Service

Read More »Wesfarmers becomes 4th largest in Asia Pacific