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Showing 31 - 40 of 206 results for "Indemnity"

Advice practice valuations rise: Radar Results

KARREN VERGARA  |  FRIDAY, 9 JUN 2023
... for AFSLs, which, when dormant, can either be handed back to ASIC or sold to another party. Meanwhile, professional indemnity insurance can either be continued or commence on a new policy. Birt typically enlists lawyers to help with this process. Transfer ...

Adviser PI premiums up 40%: APRA

JAMIE WILLIAMSON  |  THURSDAY, 11 MAY 2023
The cost of professional indemnity insurance increased at least 40% for financial advisers since 2015, a new report from APRA shows. Reviewing claims trends and affordability of public liability and professional indemnity insurance in Australia, the ...

FPA voices concern on proposed CSLR, FAR laws

ANDREW MCKEAN  |  FRIDAY, 10 MAR 2023
... responsible managers of the entities resorting to the scheme. "We are also keen for the overdue review of professional indemnity insurance to be commenced. A properly functioning PI sector would substantially reduce the calls on a CSLR." The FPA also ...

Sequoia FG revises profit expectations

JAMIE WILLIAMSON  |  MONDAY, 23 JAN 2023
... related to a 2019 remediation matter involved a since terminated adviser. While its making progress with its professional indemnity insurers, Sequoia said it has "not recognised a contingent asset at this stage." However, its licensee Interprac Financial ...

Berkshire Hathaway, IAG restructure agreement

CASSANDRA BALDINI  |  THURSDAY, 12 JAN 2023
... Insurance Australia Group (IAG) but ceased its strategic relationship and equity ownership. The renewed terms with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway, will continue for close to seven years, valid from January 2023 ...

CBA increases Countplus indemnity to $520m

ANDREW MCKEAN  |  THURSDAY, 8 DEC 2022
Commonwealth Bank of Australia (CBA) has increased the limit of indemnity provided to Countplus, from $300 million to $520 million. CBA said the purpose of the increased limit was to cover certain remediation activities that were identified at the time ...

ASIC suspends, cancels AFSLs

CHLOE WALKER  |  WEDNESDAY, 7 DEC 2022
... Financial Complaints Authority (AFCA) determinations. According to ASIC, QFML also didn't have the required professional indemnity insurance coverage. "The licence suspension allows QFML to provide financial services that are reasonably necessary for ...

FPA seeks broader scope for CSLR

CHLOE WALKER  |  MONDAY, 10 OCT 2022
... and doesn't seek to address some of the underlying causes of unpaid determinations, such as appropriate professional indemnity insurance. As a result, it said that consumers are left unprotected and financial advisers are footing the bill. "We believe ...

Mawhinney ban overturned, to face retrial

JAMIE WILLIAMSON  |  THURSDAY, 15 SEP 2022
... contraventions which were later relied on by the presiding judge in handing down the ban. Mawhinney has also been awarded indemnity costs as a result. A retrial has been ordered and interim injunctions imposed on Mawhinney in August 2020 have been reinstated. ...

CSLR legislation tabled, advice sector responds

ANDREW MCKEAN  |  FRIDAY, 9 SEP 2022
... collective goal should be a compensation scheme that is rarely required as adequate capital levels and professional indemnity insurance obligations for financial advisers result in minimal unpaid AFCA determinations," he said. Meanwhile, the government ...