Australia - CognitiveView

ASIC hawking reforms

The ASIC (Australian Securities and Investments Commission) has updated its regulatory guidance on the prohibition of hawking financial products in the country. The regulatory guide (RG 38) portrays the changes in the anti-hawking system under the Financial Sector Reform 2020, commencing on the 5th of October, 2021. It also clarifies

Vulnerability support provisions

One of the great things about GI Code of practice (GICOP) is that the code, which is written in plain English, sets out the standards that general insurers must meet when providing services to their customers, such as being open, fair and honest. On 7 May 2020, the Insurance Council

Delays in insurance claims

Royal Commission’s final report recommended that insurance claims handling should not be excluded from the definition of ‘financial services’, reflected issues arising from a number of case studies examined. In general insurance, as demonstrated by several case studies, poor conduct included: * Failing to handle claims in a fair and

Internal dispute resolution & RG 271

RG 271 will replace RG 165 and takes effect for complaints received from 5 October 2021. It has several new requirements that are enforceable and other guidance to assist financial firms in complying with their legal obligations. Below are some of the highlights * The complaint’s definition should include complaints

Obligation management in banking

The Banking Code Compliance Committee (BCCC), Australia has conducted an inquiry between July and October 2019 into Code subscribing banks’ (banks) transition to the new 2019 Banking Code of Practice (the Code) to confirm whether banks have taken appropriate steps to ensure compliance with the Code. The objective of the

Compliance concerns

Australian Banking code of practice released in July 2019 and many Banks have committed significant time and resources to the code transition projects. Based on the Banking Code Compliance Committee (BCCC), 2019–20 has been a year of two distinct halves. Although it started with lots of optimism, the bush