To support an effective product governance arrangements product issuers and distributors need to implement and maintain robust and effective product governance arrangements. A distributor must understand the financial products it distributes to customers, assess the compatibility of the financial products with the customers’ needs to whom it distributes, consider the issuer’s identified target market, and […]
ASIC’s RG 274 Design and Distribution Obligations (DDO) introduces a new category of obligations concerning the design and distribution of financial products. This is a profound change, making product issuers and distributors directly responsible for ensuring products are generally only sold to the intended target markets. It is a reversal of the long-established principle of ‘let the […]
Learning from claims related recent dispute trends If we look at some of the complaint trends we can observe recent claim related dispute trends. Top issues for claims dispute AFCA’s decision outcome for fraudulent claims Insurance contracts act is the top compliance failure reason for claim related disputes Resolving claim disputes with […]
Royal Commission’s final report recommended that insurance claims handling should not be excluded from the definition of ‘financial services’, reflected issues arising from a number of case studies examined. In general insurance, as demonstrated by several case studies, poor conduct included: Failing to handle claims in a fair and transparent manner, failing to act in an […]
