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ASIC targets licensees over lack of AFCA membership – 12 July 2019
Over 50 financial services and credit licensees have had their licenses formally suspended or cancelled by the Australian Securities and Investments Commission (ASIC), after failing to obtain membership of the Australian Financial Complaints Authority (AFCA)
Data theft a top security concern for Australians: study – 11 July 2019
Data theft continues to dominate the security issues that concern Australians, according to new research from Unisys. Of the 1049 Australians surveyed, 57% said they were seriously concerned about unauthorised access to their personal data, 56% were seriously concerned about bank fraud and 54% were seriously concerned about computer hacking or viruses.
Whistleblower reveals Australian health insurers rejected claims illegally – 9 July 2019
Documents have been leaked by a government whistleblower, resulting in an investigation of major Australian Health insurers. The Australian Medical Association (AMA) has consequently slammed private health insurers’ for illegally rejecting thousands of claim without getting them reviewed by a doctor.
https://www.verdict.co.uk/life-insurance-international/news/australian-health-insurers-claims/
19-164MR New regime for corporate whistleblower protections commences today – 1 July 2019
From 1st July, whistleblowers who report misconduct about companies and company officers can access stronger rights and protections in the Corporations Act 2001. ASIC has updated information on their website and issued two new information sheets. Public companies, large proprietary companies, and corporate trustees of registrable superannuation entities need to have a whistleblower policy from 1 January 2020. ASIC will consult on regulatory guidance on the requirement for a whistleblower policy in due course.
