Four brokerages have had their licences revoked after failing to lodge audited annual statements, while another brokerage’s licence has been suspended.
After seven years as managing director of Hollard Australia and chairman of the South African operation, Richard Enthoven is going back to focusing entirely on the Antipodean business he started 15 years ago. He explains the life-changing decision to Chinwe Akomah
The insurance broking industry is already expressing concern over a number of Budget measures, which may undermine the services of brokers while taking money away from important industry bodies.
Financial service providers are increasingly contravening compliance rules by attempting to recover debts from clients connected to disputes that are under investigation by FOS.
An authorised representative and former insurance company director has been charged with more than 70 counts of dishonest conduct and other offences.
An insurance brokerage's licence has been cancelled after it failed to comply with its obligations and failed to forward on client funds to insurers.
An organisation that works closely with brokers on compliance say the majority of brokers do not have business plans even though this responsibility is implied by regulation.
Dispute resolution scheme FOS is calling for a "last resort compensation scheme for consumers" after finding that financial service providers’ PI cover is simply not adequate enough to cover payouts.
As concerns over the One Big Switch reach new levels, an industry professional is taking a proactive approach to helping consumers make the right insurance choices for them.
ASIC has made a series of recommendations in its submission to the Financial System inquiry including making the user pay for the services the regulator provides them.