Thank you for being a loyal follower of Norton Rose Fulbright’s Insurance Law Tomorrow blog. To provide our readers with access to the most up to date, relevant insurance and financial services regulatory information we have made the decision to merge the Insurance Law Tomorrow blog into our Financial services: Regulation Tomorrow blog. You can subscribe to the Financial services: Regulation Tomorrow blog to continue to receive our market updates regarding the insurance landscape. We hope you enjoy the extensive selection of information on offer. Norton Rose Fulbright ..read more

Thank you for being a loyal follower of Norton Rose Fulbright’s Insurance Law Tomorrow blog. To provide our readers with access to the most up to date, relevant insurance and financial services regulatory information we have made the decision to merge the Insurance Law Tomorrow blog into our Financial services: Regulation Tomorrow blog. You can subscribe to the Financial services: Regulation Tomorrow blog to continue to receive our market updates regarding the insurance landscape. We hope you enjoy the extensive selection of information on offer. Norton Rose Fulbright ..read more

During April 2021, ASIC has used its product intervention powers to ban the sale of binary options to retail clients, as well as to extend temporary relief instruments amidst COVID-19. ASIC has also urged claims handling firms to lodge licences by next month. The superannuation sector has seen the release of exposure draft regulations to improve the superannuation system, containing proposed changes to the “Your Future, Your Super” package, and APRA has released consultations on the reinsurance market, the risks of climate change and remuneration. More information on these developments, as wel ..read more

March 2021 has seen the release of legislative reforms to advice fee consent and lack of independence disclosure by financial advisers. ASIC has clarified its position on virtual AGMs and released an interim report on competition in the managed funds industry. APRA has urged life insurers and superannuation funds to ensure their insurance offerings and benefits are sustainably designed and priced to avoid volatility in insurance premiums. More information on these developments, as well as other industry news can be found here ..read more

YIPs & Norton Rose Fulbright are proud to present the latest instalment in our YIPs masterclass series – Insurer of the future: A run through of the 2021 insurance law shake up for brokers and insurers. Hear from industry experts Tim Chan & Ray Giblett as they take us through the far-reaching impacts of the multifaceted regulatory reform impacting us all. To access this on-demand webinar, please complete the form. CPD points This session is valid for 1 point. Please ensure this meets the criteria accreditation within your accreditation jurisdiction ..read more

On 10 March 2021, the High Court handed down its highly anticipated decision in the matter of Wigmans v AMP Limited & Ors.[1] (Wigmans Case). In dismissing the appellant’s case, the High Court has endorsed a common sense approach to determining procedural issues for dealing with competing class actions and affirmed the power of lower courts to progress a single action.   Competing Class Actions ‘Competing class actions’ occur when more than one case is commenced against the same defendant and the action concerns the same subject matter. As recently discussed in our article ‘Permanent ..read more

The month of February 2021 has seen continued momentum for a raft of changes affecting financial services providers from various industries. APRA has released its new policies and priorities for 2021, which have a particular focus on the impacts of COVID-19 and seek to strengthen the financial services sector in dealing with future crises. The ‘Your Future, Your Super’ Bill has been introduced to Parliament which proposes significant superannuation regulatory reform. A key High Court decision has clarified the scope of personal financial product advice as distinct from general advice ..read more

Background In late December last year, the Parliamentary Joint Committee on Corporations and Financial Services (PJC) issued its report in the inquiry into ‘Litigation Funding and the Regulation of the Class Action Industry’ (Report). Previously, in August 2018, Norton Rose Fulbright Australia provided a submission to the inquiry.  Our submission focussed on several issues of concern, including the increased cost of D&O insurance and the impact on Australian businesses operating in an environment where there was a substantial risk of class actions. We noted that it was important that ..read more

The months of December 2020 and January 2021 have been a busy time in the funds management, superannuation and insurance sector. In particular, ASIC has released its final Regulatory Guide 274 Product design and distribution obligations, which will bring industry-wide changes to how financial products are formed, promoted and marketed. The impact of COVID-19 has continued into the new year with ASIC extending reporting deadlines, and both ASIC and APRA committing to continuing joint engagement in the financial services sector. More information on these developments, as well as other industry n ..read more

 Following a year of consultation and development, Parliament passed the Financial Sector Reform (Hayne Royal Commission Response) Act 2020 on 10 December 2020. The Act is now awaiting the Royal Assent. While some changes were made to the bill before it was passed, these related to APRA and ASIC’s role in superannuation and do not affect the insurance regulatory changes. The Act introduces the following regulatory reforms directly affecting the insurance industry: Enforceable code provisions; Avoidance of life insurance contracts; Duty to take reasonable care not to make a misrepresentat ..read more