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Compensation for Loss in the Financial Services Sector - Position Paper

Date:

Wednesday, 24 December 2003

Content ID:

774

Abstract:

This is the second paper in the Commonwealth’s review of compensation for loss in the financial services sector. The review was initiated to promote discussion on whether compensation mechanisms should be required in this sector and, if so, what they should cover and the appropriate mechanisms.

The position put in this paper takes into account difficulties with the professional indemnity insurance market, and envisages flexibility in the mechanisms which may be adopted. It seeks to reach an appropriate balance between consumer protection and the cost of such protection to industry.

The purpose of this paper is to pose a Government position and seek comments on further issues.

Documents Available:


Acrobat (PDF) documents

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Compensation for Loss in the Financial Services Sector  335.97kb

HTML documents

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Preliminaries  3.14kb
Foreword  2.71kb
Abbreviations  4.04kb
Introduction  11.35kb
The Submissions  10.35kb
Discussion  90.95kb
The Government's Basic Position  4.96kb
Issues for Consideration  5.36kb
Attachment A: Public Submissions Received  1.75kb
Attachment B: Summary of Submissions of Main Issues  70.17kb
Attachment C: Broad Options Considered  27.55kb
Attachment D: Insurance (Agents and Brokers) Act 1984  5.16kb
Attachment E: Corporations Act 2001 - Section 912B  2.01kb

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This submissions are in response to the Compensation for Loss in the Financial Services Sector - Issues and Options Paper. The purpose of the review is to consider compensation arrangements in the financial services sector, with the aim of ensuring that Australia has a comprehensible and efficient …

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