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Aug 26, 2024 | 
lexology.com | Michael Vrisakis |Tamanna Islam |Shan-Verne Liew |Isabel Chong
In the wake of recent court decisions, insurers would be well-positioned to explore the benefits and limitations of including a prominent and appropriately balanced checking disclaimer in customer-facing communications, if they do not already utilise this mechanism. Unintentional errors in insurance documentsIt is inevitable that, on occasion, an inadvertent inaccuracy will slip into a customer-facing insurance document, such as a renewal notice, a quote, or a confirmation of transaction.
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Apr 11, 2024 | 
mondaq.com | Michael Vrisakis |Tamanna Islam |Shan-Verne Liew |Lana Ou
In this edition of the FSR GPS, we explore key principles for
financial services businesses to consider when considering the use
of a disclaimer to mitigate false, misleading or deceptive
conduct.
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Apr 3, 2024 | 
mondaq.com | Michael Vrisakis |Tamanna Islam |Shan-Verne Liew |David Kim
In the recent decision of ASIC v Auto & General Insurance Company
Limited [2024] FCA 272 (ASIC v Auto &
General), the Federal Court of Australia considered the
application of the unfair contract terms (UCT)
regime in the context of insurance, holding in favour of the
insurer.
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Apr 3, 2024 | 
mondaq.com | Michael Vrisakis |Tamanna Islam |Shan-Verne Liew |David Kim
The recent case of ASIC v Auto & General Insurance Company
Limited [2024] FCA 272 raises an extremely important issue
(and resolution) for all insurers in relation to contracts of
insurance issued by them.
The factual centrepoint of the case was the inclusion, in the
relevant product disclosure statement, of a term which required an
insured person to "tell us if anything changes while
you're insured with us".
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Apr 2, 2024 | 
mondaq.com | Michael Vrisakis |Tamanna Islam |Shan-Verne Liew |Lana Ou
This article is the first of our recently launched
"Regulatory Wrangling" client program.
According to the Macquarie Dictionary, the meaning of the term
'wrangling' is "to engage in argument, debate or
disputation", "to influence, persuade, or otherwise
affect by arguing" or "to deal with or manage
expertly".
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Mar 28, 2024 | 
lexology.com | Michael Vrisakis |Tamanna Islam |Shan-Verne Liew
This article is the first of our recently launched Regulatory Wrangling client program. According to the Macquarie Dictionary, the meaning of the term ‘wrangling’ is “to engage in argument, debate or disputation”, “to influence, persuade, or otherwise affect by arguing” or “to deal with or manage expertly”.
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Mar 21, 2024 | 
mondaq.com | Michael Vrisakis |Tamanna Islam |Shan-Verne Liew |Anna Sutherland
On 29 February, Jackson J handed down the decision in Australian Securities and Investments
Commission v R M Capital Pty Ltd [2024] FCA 151
(ASIC v RM Capital).
The case concerned whether RM Capital Pty Ltd (RM
Capital), a financial services licensee, took reasonable
steps to ensure its authorised representative, The SMSF Club Pty
Ltd (SMSF Club), did not receive conflicted
remuneration, as required under section 963F of the Corporations
Act.
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Jan 28, 2024 | 
lexology.com | Michael Vrisakis |Tamanna Islam |Shan-Verne Liew |Madeline Muddle |Rebecca McCaughan
Claims handling in insurance is currently a key focus of ASIC, with ASIC Deputy Chair Karen Chester recently calling for action from insurers to get the basics right and warning of the risks of enforcement action. ASIC has indicated it is closely monitoring claims handling processes and has already commenced several investigations across the insurance sector.
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Oct 30, 2023 | 
lexology.com | Fiona Smedley |Michael Vrisakis |Charlotte Henry |Andrew Bradley |Andrew Eastwood |Yorick Ng | +2 more
Following months of heightened scrutiny on target market determinations (TMDs) across the financial services sector, we are seeing signs that ASIC has shifted its focus on broader product and distribution governance under the DDO regime. In particular, ASIC has started issuing statutory notices and asking questions as part of a thematic review into how issuers and distributors are complying with their reasonable steps obligations.
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Oct 19, 2023 | 
lexology.com | Fiona Smedley |Michael Vrisakis |Andrew Eastwood |Luke Hastings |Tamanna Islam |Shan-Verne Liew | +2 more
ASIC has registered the ASIC Corporations and Credit (Amendment) Instrument 2023/589 (Instrument), which provides welcome relief in relation to the ASIC breach reporting regime for Australian financial services licensees. The Instrument commences on 20 October 2023.
