ASIC's first UCT enforcement action dismissed
In March 2024, the Federal Court of Australia handed down its
decision of ASIC v Auto & General, finding in favour of
the
insurer, Auto & General. This is ASIC's first enforcement
action against an insurer since the unfair contract terms regime
was extended to apply to insurance contracts in 2021, that the
Federal Court's decision is subject to an appeal by ASIC.
Financial Accountability Regime
In the most recent FAR development, APRA and ASIC have issued a joint Information Paper for all industries to help accountable entities and accountable persons understand and comply with their obligations and provide an overview on how the regulators will jointly administer the FAR.
Quality of Advice Review
Following the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, the Australian Government agreed to conduct a review to consider how the regulatory framework in Australia could better enable the provision of high quality, accessible and affordable financial advice for retail clients.
Mandatory climate-related disclosure regime
While the mandatory climate-related disclosure regime remains under consideration by the government, we wrap up the latest developments including delayed commencement dates, changes to directors' declarations, and debates in parliament regarding the scope of the legislation for the regime.
Insurtech trend: parametric insurance
Over recent years, businesses around the world have become
increasingly vulnerable to risks arising from climate-driven
extreme weather and supply chain interruptions, which in
turn have flow on effects, impacting revenue and profits across
many industries. Is parametric insurance the way forward?
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