MLC Life appoints business development head
17 April 2023
MLC Life has named Peter Smith as Head of Business Development, in a move that it says “cements its focus on the group insurance market”...
Life Insurance
Steadfast Life, Insurance House Life merge
03 April 2023
Steadfast Group has merged its life advisory business with Insurance House Life, months after acquiring the latter’s parent company, Insurance Brands Australia, for $301 million in August last year...
NobleOak examined by APRA after prudential breaches
03 April 2023
The Australian Prudential Regulation Authority says it is reviewing NobleOak Life’s compliance processes after the insurer breached prudential standards in relation to capital requirements...
Claimant with mobility difficulties wins critical illness claim dispute
03 April 2023
A complainant whose claim for a critical illness benefit was declined by her insurer, despite suffering neck and shoulder injuries that restricted her ability to dress and bathe unassisted, has succeeded in having the decision overturned...
Life adviser hit with four-year ban
03 April 2023
Gold Coast-based financial adviser Jeneve Matai has been barred from the industry for four years after the Australian Securities and Investments Commission found he “inappropriately scoped” life insurance for his clients...
ASIC demands trustees do more to improve outcomes
27 March 2023
An Australian Securities and Investments Commission follow-up to its review of superannuation trustees has found they have not made “sufficient effort” in all areas to improve life insurance outcomes for members...
Perth financial firm pleads guilty to dishonest conduct
27 March 2023
Perth-based Fong Financial Planners has pleaded guilty to three charges of dishonest conduct in relation to client insurance applications in the Perth Magistrates Court...
Client's reliance on statement of advice was legitimate, says AFCA
27 March 2023
A gardener who thought his adviser had arranged income protection cover that would provide benefits if he could not work, only to realise it did not when his claim was declined, has partially won his dispute with the adviser’s firm...
Productivity Commission flags 'expanded' role for life insurers
27 March 2023
The Productivity Commission says there may be an “expanded” role for life insurers and workers’ compensation schemes as the country grapples with worsening mental health...
Affordable advice 'crucial' for retirees
27 March 2023
Challenger MD Nick Hamilton has called for potential changes to Australia’s financial advice industry to also take into account the needs of retirees...
ClearView unveils changes to life products
27 March 2023
ClearView Wealth today unveiled changes to its life insurance products range, including extending the age for total permanent disablement cover to 70...
Australia 'trails emerging economies' in life insurance index
20 March 2023
Australia scored lower than other advanced economies and even emerging markets in a new Swiss Re study on life and health insurance availability, accessibility and affordability...
ASIC grants 'conditional' DDO relief for certain life policies
20 March 2023
The Australian Securities and Investments Commission has moved to provide life insurers with “conditional relief” from design and distribution obligations in relation to re-issuing of policies...
New NZ advice regime ends transitional licensing phase
20 March 2023
New Zealand’s Financial Markets Authority says the country’s financial advice regulatory regime is now in full effect following the end last week of the two-year transitional licensing phase...
Adviser peak body calls for 'co-ordinated' action to take profession forward
20 March 2023
The Advisers Association has called for a “co-ordinated” approach to address the challenges facing the profession such as talent exodus and meeting the Government’s new education requirements...
Three-year ban for adviser who gave misleading life advice
20 March 2023
Queensland-based adviser Douglas Cecil Allen has been banned from providing financial services for three years after he was found to have provided clients with misleading or false statements...
NEOS breaks through for maiden life company of year honours
20 March 2023
NEOS has won its first Life Company of the Year award, edging out TAL and MetLife. The business also triumphed in other categories in the Association of Financial Advisers’ annual awards event...
Advice firm CEO permanently banned over exam results
20 March 2023
An adviser who falsified his financial exam result and went on to provide advice has been permanently banned from the industry...
Life peak body hires policy, advocacy directors
20 March 2023
The Council of Australian Life Insurers has added to its executive team with two new appointments...
Youpla disputes drive up AFCA life complaints by 30%
20 March 2023
Overall life insurance disputes rose 30% last year to 2474, due mainly to complaints lodged against funeral products sold by Youpla, which collapsed last year and required the Federal Government to step in with a financial redress scheme for affected policyholders...