The Commission’s work, so far, has shown conduct by financial services entities that has brought public condemnation. Some conduct was already known to regulators and the public - some was not. Why did it happen? The answer seems to be greed – the pursuit of short term profit at the expense of basic standards of...

A majority of Australians believe the Royal Commission into Banks and Financial Services has uncovered more wrong doing (70%) and is most important for Australians (65%) compared to the Royal Commission into Trade Unions.

ASIC asserts that it is working to provide a fair, strong and efficient financial system for all Australians. Underpinning this vision is the recognition that every dollar in the financial system is other people’s money.

At the request of the Royal Commission, this paper discusses recent and prospective reforms affecting the general and life insurance sectors. Many of the reforms enhance ASIC’s oversight and capacity to intervene in the industry.

Life insurance is a type of insurance which provides cover for death, disability, a health condition, some illnesses and injuries.