All documents pertaining to Life Insurance that are associated with “mortgage deeds”
Sharon Dianne made this Freedom of Information request to Australian Prudential Regulation Authority
Dear Australian Prudential Regulation Authority,
I request all documents, Legislation, Acts, Rules, Guidelines, correspondence and emails regarding the association with both Insurance policies and legal titles and mortgage deeds/assignment of deed.
I want all information pertaining to Banking Institutions/Agencies (original holder of the assignment of deed in due course) and Insurance Companies/policies taken out as a condition of getting “Loan Approval” prior to Settlement.
Do they need to provide full disclosure to banking customers relating to this association ?
Also I request all information pertaining to the full disclosure Banks are supposed to give relating to a Power of Attorney being given full control over all aspects of the legal title.
Is there a minimum standard of disclosure and are Banks required to ensure this POA agreement is explained prior to signing?
Dear Ms Dianne,
Thank you for your email.
APRA’s role is to supervise authorised deposit-taking institutions (ADIs),
such as banks, building societies and credit unions, as well as insurance
companies, including private health insurers, and superannuation funds; to
promote the careful, or prudent, management of these financial
institutions. In doing so, APRA is charged with ensuring these
institutions can fulfil the promises they make to ADI deposit-holders,
insurance policyholders and superannuation beneficiaries.
APRA deals with systemic matters at an institution level rather than
pursuing individual complaints about products and services.
APRA does not have oversight of the conduct of financial institutions,
which is undertaken by the Australian Securities and Investments
Commission (Australian Securities and Investments Commission), and does
not typically collect the type of information that is sought in your
email. As the conduct regulator of financial institutions, the Australian
Securities and Investments Commission may be better placed to assist you
with your enquiry. If your enquiry relates to a complaint that you may
have in relation to the conduct of a financial institution in relation to
a particular matter, the Australian Financial Complaints Authority
(Australian Financial Complaints Authority) may be able to assist you.
APRA also notes that Australian Commonwealth legislation, and Prudential
standards made by APRA (which are a form of “legislative instrument”) are
publicly available on the Federal Register of Legislation.
Additional detail required for an FOI Request
Your email does not meet the requirements to be a valid Freedom of
Information Request. For further information about how to make a valid
Freedom of Information request, please refer to the Freedom of Information
page on APRA’s website (Freedom of information | APRA).
If you wish to make a Freedom of Information Request to obtain any
documents that APRA has that may be relevant to your enquiry, we will
require further detail about the specific documents that you wish to
obtain from APRA to enable us to identify those documents. You may wish to
limit your requests, by way of example, to a certain topic or financial
institution or restrict your request to document received or created by
APRA over a specific period of time.
If you have any questions, or we are able to assist you further, please
E [APRA request email]
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY
1 Martin Place (Level 12), Sydney, NSW 2000
GPO Box 9836, Sydney, NSW 2001
T 02 9210 3000 | W www.apra.gov.au