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.
Industry experts have called for an independent body to issue policies on how the Australian financial system should be managed long term.
An insurance group has appealed to investors to help raise
$250m in a bid to fund the capital requirements of its businesses.
A banking group is attempting to alleviate ASIC concerns after running a potentially misleading advert promoting income protection insurance with a gift card.
An independent reviewer has found the Financial Ombudsman Service is inefficient and causes undue delays when resolving disputes.
Despite brokers’ concerns a group buying campaign to get thousands of policyholders cheaper home insurance is not offering full disclosure, the company is said to be following the rules.
Yesterday Insurance Business reported on a group buying initiative headed up by a former insurance boss but the industry has slammed the move, demanding greater disclosure and accusing it of “spruiking nonsense”.
The financial services regulator is casting a careful eye over the sale of certain insurance products, keen for Australia not to endure the mis-selling scandal that continues to plague the UK.
While an industry code has garnered praise from some circles, it has attracted criticism from consumer-facing groups.