MLC Life names new non-executive director
05 December 2022
MLC Life has appointed Catherine Dube to its board in a non-executive director role...
Life Insurance
Life profit slumps 87% on investment losses
28 November 2022
The life industry suffered an 87% contraction in net profit to $200 million for the 12 months to September as unrealised losses on interest-bearing assets hit investment returns, latest Australian Prudential Regulation Authority data shows...
Financial planners counter commissions ban push
28 November 2022
The Financial Planning Association has pushed back against a renewed call for a total ban on commission and all forms of conflicted remuneration, weeks before the Quality of Advice Review final report is submitted to the Federal Government...
Australian Group Insurances steps up tech focus
28 November 2022
Third-party insurance administrator Australian Group Insurances has created a spinoff company aimed at strengthening its digital capabilities...
FPA names award winners
28 November 2022
The Financial Planning Association has named the winners of its annual awards celebrating excellence in professionalism and client advice provision...
Reviewer explains why life insurance commissions should stay
21 November 2022
Quality of Advice reviewer Michelle Levy says ditching life insurance commissions would do more harm than good, and could lead to more advisers exiting the industry...
Global life industry at 'inflection point': McKinsey
21 November 2022
The life industry globally ought to review its strategy after a confluence of factors in recent years affected its performance, consultant McKinsey & Company says in a new report...
Affordability remains key hurdle despite consumer willingness to pay more
21 November 2022
Affordability remains a key challenge for the financial advice industry despite Australians indicating they are willing to pay more to engage an adviser, a new report from research house Investment Trends says...
Funeral plan policyholder loses dispute over premium hikes
21 November 2022
A funeral plan insurance policyholder who wants a refund of premiums she has paid over a period of more than 10 years, claiming the insurer failed to “adequately” disclose to her that rates were not capped and were payable until age 90, has lost her dispute...
APRA consults on remaking of sunsetting life prudential standards
21 November 2022
The Australian Prudential Regulation Authority has started a short consultation over its plans to remake four life insurance standards that are due to sunset – or cease to exist – on April 1 next year...
Proposed AFA, FPA merger progresses to next round
14 November 2022
The Association of Financial Advisers and Financial Planning Association say their merger proposal is progressing to the next stage of consultation, since the move was first announced in September...
Life insurers back commissions proposal
14 November 2022
MLC and ClearView Wealth have backed a proposal to keep life commissions, saying the recommendation made by the Quality of Advice Review will support efforts to keep advice accessible to Australians...
Insured responsible for adviser's non-disclosure of weight loss surgeries
14 November 2022
A complainant who argued it was her financial adviser who failed to disclose her history of weight loss procedures has lost an attempt to reverse her insurer’s decision to avoid her cover on grounds of fraudulent misrepresentation...
ClearView Wealth focuses on life after strategic review
14 November 2022
ClearView Wealth says its life division is a key focus going forward after a strategic review failed to attract offers of “appropriate value” from external parties locally and overseas...
New TAL platform helps advisers manage professional year requirements
14 November 2022
TAL has introduced a platform for advisers to keep track of their Professional Year requirements such as work hours and activity progress...
Commissions consent proposal emerges as key industry concern
07 November 2022
Quality of Advice Reviewer Michelle Levy’s proposal that advisers will need written consent for commissions has emerged as a source of concern for the industry...
FSC backs Quality of Advice proposals paper
07 November 2022
The Financial Services Council says the Quality of Advice Review proposals paper’s recommendations set out a “sustainable vision” for the regulation of advice in Australia...
Life industry swings behind new peak body
07 November 2022
The Council of Australian Life Insurers says it has secured the support of the industry as the new peak body prepares for incoming CEO Christine Cupitt to start in January...
Adviser registration pushed back by six months
07 November 2022
The Government has announced a six-month delay to the requirement for financial advisers to be registered with the Australian Securities and Investments Commission...
ClearView Wealth strategic review draws a blank
07 November 2022
ClearView Wealth has wrapped up a year-long strategic review of its business after failing to receive offers of “appropriate value” that would take the company forward...