The regulator has handed a lifelong ban to an insurance broker who deposited client cheques into his personal bank account for his own use.
Four brokerages have had their licences revoked after failing to lodge audited annual statements, while another brokerage’s licence has been suspended.
A banking group is attempting to alleviate ASIC concerns after running a potentially misleading advert promoting income protection insurance with a gift card.
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.
A regulator has made it clear it has no plans to shift its focus from funeral insurance providers just yet.
An online insurance website claimed to compare its insurance products with a number of other brands, and displayed logos of insurance providers that were not offering quotes on the products featured.
Finance firms will be forced to pay back more than $15m to consumers following an ASIC investigation.
Can’t buy me love - Yes you can: A loved-up broker has been jailed for 18 months after stealing thousands of dollars from clients – and using the cash to keep his online lover sweet.
ASIC is calling for change to claims processes which add insult to injury for troubled policyholders.
A broker’s ‘deceptive conduct’ put one client at risk of breaching the terms of their AFS licence and could have cost others $40m.