Author Archives: ETE

What happens to my insurance policy? If you bought your insurance through MCE Insurance Limited, they acted as your insurance broker and you are insured by Sabre Insurance Company Limited FRN 202795 (‘Sabre Insurance’). Sabre Insurance are not affected by this administration and your policy is still in force. I need to amend my policy, […]

Together with the Information Commissioner’s Office (ICO) we have written to UK Finance and the Building Societies Association clarifying that savings providers can inform their customers of the best rates available to them, even where they have objected to direct marketing. Now we’ve provided this clarification, we expect firms to point customers to the best […]

ASIC has cancelled the Australian financial services (AFS) licence held by FTX Australia Pty Ltd (FTX Australia), effective from 14 July 2023. The terms of the cancellation include provisions that, until the end of 12 July 2024: FTX Australia may provide limited financial services that relate to the termination of existing derivatives with clients; and […]

The European Securities and Markets Authority (ESMA), the EU securities markets regulator, today publishes its 2022 reports on the use by National Competent Authorities (NCAs) of sanctions under the Undertakings for Collective Investments in Transferable Securities (UCITS) and the Alternative Investment Fund Managers Directive (AIFMD). The pattern evidenced by the reports throughout the years (since […]

ASIC has issued an interim stop order on Clearview Life Assurance Limited’s (Clearview Life) Clearview ClearChoice Income Protection Cover and Accidental Income Protection Cover (Income Protection Cover). The stop order relates to two underlying products. ASIC issued the stop order because of deficiencies in the target market determination (TMD). This follows ASIC’s recent interim stop […]

The Australian Securities and Investments Commission (ASIC) has written to the Insurance Council of Australia, the Council of Australian Life Insurers and the Financial Services Council about its review of over 100 Target Market Determinations (TMDs) for general and life insurance products. The letters outline ASIC’s findings based on a sample of general and life […]

A thematic review of how superannuation trustees are supporting their members under the Retirement Income Covenant has found that trustees need to make more progress to enhance retirement outcomes. The review was conducted jointly by the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC). The covenant, which came into effect […]

ASIC has disqualified Wayne Thomas Williamson of Stanhope Gardens, NSW, from managing corporations for three and a half years due to his involvement in the failure of three companies. Between March 1991 and November 2020 Mr Williamson was the director of three companies which entered liquidation between November 2019 and February 2021: Active Towing Sydney […]

ASIC has disqualified Matthew John Reid, from Brown Hill, Victoria, from managing corporations for four years due to his involvement in the failure of three companies. Between 27 June 2017 to 18 October 2021, Mr Reid was a director of: BMT Contracting Pty Ltd ACN 620 035 565; BMT Communications Pty Ltd ACN 620 036 […]

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its follow-up report to the peer review on certain aspects of the compliance function under MiFID I. The report shows that, overall, the National Competent Authorities (NCAs) assessed improved their practices following the 2017 peer reviews findings and […]