{"id":12290,"date":"2011-09-14T11:10:09","date_gmt":"2011-09-14T01:10:09","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=12290"},"modified":"2021-04-15T10:18:50","modified_gmt":"2021-04-15T00:18:50","slug":"news-in-brief-18","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2011\/09\/14\/news-in-brief-18\/","title":{"rendered":"News in Brief"},"content":{"rendered":"<ul>\n<li>Last Call for FoFA Submissions<\/li>\n<li>Slow Growth in Insurance Market<\/li>\n<li>APRA Guidelines Released<\/li>\n<\/ul>\n<p><!--more--><span style=\"text-decoration: underline\"><strong>Last Call for FoFA Submissions<\/strong><\/span><\/p>\n<p>This Friday, 16 September, marks the closing date for submissions to Treasury on the first tranche of its Future of Financial Advice (FoFA) reforms.<\/p>\n<p>On 29 August the Minister for Financial Services and Superannuation,<strong> Bill Shorten<\/strong>, released an exposure draft which provides the legislative detail around key FoFA measures, including the statutory best interests duty, compulsory renewal requirement (opt-in), and the enhancement of ASIC&#8217;s powers.\u00a0<\/p>\n<p>The public is invited to submit comment on the exposure draft and related material through either electronic lodgement or regular post.<\/p>\n<p>Advisers and others can\u00a0 <a href=\"http:\/\/futureofadvice.treasury.gov.au\/content\/Content.aspx?doc=consultation\/corporations_amend\/default.htm\" target=\"_blank\" rel=\"noopener\">click here<\/a>\u00a0to\u00a0view a copy of the exposure draft or to lodge a submission.<\/p>\n<p><span style=\"text-decoration: underline\"><strong>Slow Growth in Insurance Market<\/strong><\/span><\/p>\n<p>Growth in individual risk sales has slowed in the twelve months to June 2011, according to a report issued by DEXX&amp;R.\u00a0<\/p>\n<p>The June 2011 Life Analyis Report found that individual lump sum risk new business increased by just 3.5% this year, compared with the peak growth rate of 21.5% recorded over the twelve months to June 2009.<\/p>\n<p>Similarly, new annual premium for individual disability products increased by 8.2% this year, against a peak of 22.1% in 2009.<\/p>\n<p>The greatest drop was felt in the area of total group risk new business, which decreased by 15.6% in the year ending June 2011.<\/p>\n<p><span style=\"text-decoration: underline\"><strong>APRA Guidelines Released<\/strong><\/span><\/p>\n<p>APRA has released consolidated prudential standards which will apply to authorised deposit-taking institutions (ADIs), general insurers and life companies.<\/p>\n<p>Once effective, the\u00a0twelve prudential standards currently applying to regulated institutions within these industries will be reduced to just four.<\/p>\n<p>The four amalgamated prudential standards cover governance, fitness and propriety, outsourcing and business continuity management.<\/p>\n<p>APRA says it received a number of submissions on the consultation package from regulated institutions and industry groups, which were largely supportive of the initiative to harmonise requirements across the regulated industries.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last Call for FoFA Submissions Slow Growth in Insurance Market APRA Guidelines Released<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-12290","post","type-post","status-publish","format-standard","category-general"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/12290","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=12290"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/12290\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=12290"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=12290"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=12290"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}