APRA stats show life industry in profit
19 June 2017
Only three life insurers failed to make a profit last year, with the biggest after-tax loss of $139 million recorded by National Mutual, part of AMP…
Life Insurance
FOFA changes slash super advice revenue: FPA
19 June 2017
Financial advisers lost 15-30% of their revenue when the ban on life insurance commissions within superannuation took effect under the Future of Financial Advice reform, according to the Financial Planning Association…
Breast cancer group calls for standard life definitions
19 June 2017
Breast Cancer Network Australia is the latest organisation to raise concern at a lack of standard definitions in life insurance policies in superannuation, questioning how this “may complicate the assessment of claims”…
Canstar picks direct life winners
19 June 2017
NobleOak and Ozicare have been named “outstanding value insurers” in the Canstar Direct Life Awards…
Liberals sink latest bid for financial services inquiry
19 June 2017
The financial services industry has, for now, avoided yet another inquiry, after a Greens-led bill was defeated in the House of Representatives by one vote last week…
CBA finds its advice was mostly appropriate
19 June 2017
Nearly three-quarters of 8654 cases assessed under Commonwealth Bank’s Open Advice Review show appropriate advice was offered with no financial loss…
Adviser banned over double-charging
19 June 2017
The Australian Securities and Investments Commission has permanently banned WA adviser Robert Hutchison from providing financial services…
ASIC data collection to cost industry $38 million a year
13 June 2017
The cost to life insurers of supplying more data to the Australian Securities and Investments Commission has been estimated at $37 million a year…
AIA expands executive team, adds roles
13 June 2017
AIA Australia has expanded its executive team with two new roles and the appointment of a new CFO…
Lawyer warns on group life payouts with super changes
13 June 2017
A group life policy could put a client at risk of exceeding the transfer balance cap in their super fund after the July 1 changes, a specialist estate planning lawyer warns…
Actuaries call for restriction on ‘annuity’ offers
13 June 2017
The Federal Government should only allow life insurers to use the product descriptor “annuity”, the Actuaries Institute says…
ASIC bans former Westpac adviser
13 June 2017
A former Westpac adviser has been banned from providing financial services until 2022 by the Australian Securities and Investments Commission…
AFA backs ASIC panels, calls for right composition
13 June 2017
The Association of Financial Advisers has backed the Australian Securities and Investments Commission’s proposed financial services panel – with some conditions…
Price drives direct life sales: NobleOak
13 June 2017
Price is the driving factor when people buy life insurance direct, according to research by direct life insurer NobleOak…
AMP gives Elevate features a lift
13 June 2017
AMP Elevate policyholders can now link their standard income protection cover in superannuation to plans held outside their retirement savings…
FPA offers free advice to cancer sufferers
13 June 2017
The Financial Planning Association will run a pilot pro-bono referral service with the Cancer Council…
ASIC rubber-stamps commission caps and clawback
05 June 2017
The Australian Securities and Investments Commission has issued the formal legal document setting limits on life insurance commissions…
Comparators ‘offer less for same commissions’
05 June 2017
Comparator websites receive similar commissions to advisers for life insurance sales, but they do not deliver the same levels of advice, according to Rice Warner…
ASIC proposes new SOAs for life advice
05 June 2017
The Australian Securities and Investments Commission wants to make life insurance statements of advice shorter…
Canberra urged to ban underwriters using genetic test data
05 June 2017
Life insurers should not have access to genetic testing information, a working group has told a parliamentary inquiry…