In this episode of the Daily Financial Services News Wrap, Paige Estritori covers key events in Australian financial services. First up is fallout from the 2022 Melbourne floods, with insurers under fire for their response and fears of increasing premiums and homes becoming uninsurable. In a surprising turn of events, fines collected by the Australian Securities and Investments Commission (ASIC) have outpaced the levies collected, marking the second consecutive year of such an occurrence, sparking debates about an increase in regulatory enforcement or possibly rising non-compliance. The episode also covers new Federal Budget initiatives aiming to strengthen the financial services sector, including a green investment labelling scheme and superannuation improvements. Lastly, Allianz plans to revamp its flood insurance, integrating it into home, contents, and landlord insurance packages, hoping for easier understanding and faster claim processes.n
