FPA opens award nominations
10 July 2017
Entries are open for this year’s Financial Planning Association Awards…
Life Insurance
Medical definitions added to life code
03 July 2017
The Life Insurance Code of Practice has been strengthened with the last-minute inclusion of minimum standard medical definitions for cancer, heart attack and stroke, for use in trauma and critical illness policies…
Industry practices fall short, inquiry says
03 July 2017
The financial services industry’s practices and culture “fall well short” of public expectations, according to the Senate Economics References Committee’s Scrutiny of Financial Advice inquiry…
S&P hails ‘stable environment’ for insurers
03 July 2017
Australia’s life insurance industry carries low risk and its institutional frameworks are very strong, according to S&P Global Ratings…
Super bodies want commission ban extended
03 July 2017
The ban on upfront and trail commissions should apply to all life insurance sales and be expanded to cover general insurance, Industry Super Australia and the Australian Institute of Superannuation Trustees say in a joint submission to Treasury…
New dispute scheme ‘lacks insurance clarity’
03 July 2017
More legislative clarity is needed around insurance complaints in superannuation if the Australian Financial Complaints Authority is to handle such cases effectively, two super bodies say in a joint submission to Treasury…
Research puts $12 billion price tag on mental illness
03 July 2017
Depression, anxiety disorders and substance abuse, the three most common mental health conditions, cost Australia about $12.8 billion a year, according to a study funded by Medibank Better Health Foundation…
ASIC bans ex-AMP adviser
03 July 2017
The Australian Securities and Investments Commission has permanently banned former AMP adviser David Fong for his dishonest conduct…
APRA releases reinsurance contracts guidance
03 July 2017
Life insurers need approval from the Australian Prudential Regulation Authority before agreeing “reinsurance contracts that are potentially financial reinsurance contracts”, according to the regulator…
ASIC clarifies position on ‘independently owned’ tag
03 July 2017
The Australian Securities and Investments Commission has clarified its position on the use of restricted terms relating to the independence of financial advisers…
O’Dwyer headlines AFA conference
03 July 2017
Revenue and Financial Services Minister Kelly O’Dwyer will outline her vision for the financial advice profession at the Association of Financial Advisers annual conference…
BT mobile advice app proves popular
03 July 2017
Financial advisers are increasingly servicing clients away from the office, with BT Financial Group reporting use of its BT Panorama app has nearly doubled…
FPA wants advisers’ voice heard in disputes
26 June 2017
The Financial Planning Association says a single external dispute resolution body could harm third parties during a dispute…
Statements of advice must aid consumers: Kell
26 June 2017
The Australian Securities and Investments Commission says life insurance statements of advice are not a compliance tool for advisers, and should benefit consumers…
New cancer treatments cut mortality rates… at a cost
26 June 2017
New cancer treatments shape as a significant cost for life insurers, according to Gen Re Chief Medical Officer John O’Brien…
Lapses continue to fall: Dexx&r
26 June 2017
Individual lump sum life insurance lapse rates continue to fall, with research house Dexx&r reporting a 13.6% rate in the March quarter…
NZ names code of conduct working group
26 June 2017
The New Zealand Government has selected a working group to create its new code of conduct for financial advice…
ASIC bans ex-Guardian adviser for overselling
26 June 2017
A former Guardian Financial Planning adviser has been banned for seven years after persuading clients to buy multiple life insurance policies through their superannuation funds…
Canstar struggles to strike balance on funeral cover
26 June 2017
Financial comparison site Canstar says achieving adequate cover without paying very high premiums is a challenge when seeking funeral insurance products…
FPA names latest Gwen Fletcher Award winner
26 June 2017
Bronnie Abraham from Brisbane advice business Dolfinwise has won the Financial Planning Association’s Gwen Fletcher Memorial Award…