Small licensees are PI insurance compliant: ASICBY KARREN VERGARA | WEDNESDAY, 30 AUG 2017 12:26PMThe majority of small Australian financial services licensees are meeting professional indemnity (PI) insurance obligations, according to an ASIC investigation. Related News |
Editor's Choice
Diversa board backs chief executive pay rise, bonus amid First Guardian fallout
|Diversa Trustees' board paid chief executive Andrew Peterson a bonus of $770,000 and increased his salary at the height of the First Guardian collapse, an inquiry heard, doubling down on its confidence in his leadership and suitability to lead the business.
Active equity managers lag benchmarks: SPIVA
|Most active equity managers in Australia underperformed their benchmarks in the first half of 2026, despite market conditions that appeared supportive of stock picking, according to S&P Dow Jones Indices' latest SPIVA Australia Scorecard.
CareSuper earns place among pension fund giants, ART breaks into top 20
|Australian Retirement Trust (ART) has cracked the top 20 ranking of the world's largest pension funds, while CareSuper has debuted on WTW's annual Global Top 300 Pension Funds report.
MAM acquires half of Aware Super's Victorian land registry stake
|Macquarie Asset Management (MAM) has acquired Aware Super's 50% stake in Secure Electronic Registries Victoria (SERV), the private operator of Victoria's register of land.
Further Reading
Products
Expert Feed
When geopolitics becomes a portfolio risk
Geopolitics is back - again - and Australian investors can no longer treat it as distant background noise.
Does association membership still matter?
With all the changes the advice sector has experienced in recent years, such as regulatory reform and increased education and professional standards ...
Digital assets and where they stand in 2026
So far in 2026 digital assets have captured the headlines largely for the wrong reasons, but that doesn't tell the full story.
Rethinking default design in a changing market environment
The evolution underway in the US DC system highlights the value of periodically reassessing default design assumptions.
Featured Profile
Sarah Shaw
GLOBAL PORTFOLIO MANAGER
4D INFRASTRUCTURE
4D INFRASTRUCTURE
It wasn't confidence that prompted Sarah Shaw to walk away from established investment houses and co-found 4D Infrastructure in 2015. It was something she believes is far more important: courage. By Vinny Vucago.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
The statement that the majority of small licensees are meeting their PI obligation is farcical given that the vast majority when requesting cover ask for "the lowest premium possible". When asked what do they want the answer in the majority of cases is "the cheapest".
It is even becoming very regular that the licensees are asking for quotations on larger and larger excesses so as to reduce the premiums. This does not ensure protection for the consumer.
Recently excesses of $500,000 any one claim was requested by a company with $1 million turnover. What is the regulated formula for complying cover please.