ASIC cancels the Sydney brokerage’s licence as the receivers conduct an emergency review of the business.
Former company directors who re-emerge as authorised representatives will be heavily scrutinised under plans to give ASIC greater legislative power in PII.
Financial planners have been warned they could be banned if they offer poor advice on setting up an SMSF.
If any sector can convince the apprehensive uninsured customer to get cover, it’s brokers. So could the best way to tackle uninsurance be through broker schemes?
ASIC found the Sydney broker “was not of good character” after uncovering a string of offences including pretending to be a Lloyd’s coverholder when he was not.
Plans to extend unfair contract terms to insurance will not only present problems for insurers, but it could be burdensome for brokers too.
Brokers should avoid taking ASIC head on and should look to co-operate with them instead
Broker who pocketed $400k of client funds soon to learn fate
ASIC Commissioner Peter Kell talks exclusively to Insurance Business TV journalist Donna Sawyer about impending law reforms affecting insurance brokers and the regulator's proposed review of training standards.
An Australian insurance broker has offered an enforceable undertaking (EU) to ASIC to permanently refrain from providing financial services after some deeply fraudulent activity.