'Inappropriate advice' led to reduced IP cover
25 July 2022
A complainant who says “inappropriate advice” from his adviser led to a “loss of cover” for income protection benefits has won his dispute...
Life Insurance
Certe acquires Genesis Financial Partners
25 July 2022
Specialist insurance advisory firm Certe announced today it has acquired financial advisory business Genesis Financial Partners, creating an integrated professional services firm with more than 20 staff including nine advisers...
Provide farmers with advice services, financial planners urge
25 July 2022
The next National Drought Agreement should include provision of advice services to help rural communities recover financially from dry spells, the Financial Planning Association says...
Life industry profitability hit by reserve strengthening
18 July 2022
Australia’s life industry suffered a decline in profitability last year, dragged down mainly by $US800 million of reserve strengthening, according to Swiss Re’s latest Sigma report...
New study examines advice reform impact on lower socio-economic group
18 July 2022
A University of South Australia study has found the high cost of financial planning services is preventing lower socio-economic groups from accessing advice for life insurance and other financial investments that could greatly improve their retirement security...
Claimant who used cocaine during 'boys' weekend' in Vegas loses dispute
18 July 2022
A complainant who did not disclose he had previously used cocaine during a “boys' weekend” trip to Las Vegas in his application form for life insurance has lost his claims dispute...
Actuaries suggest new 'guidance' category for consumers
18 July 2022
The Actuaries Institute has proposed creating a new category called “guidance” to help consumers with their financial planning needs...
AIA announces digital partnership with NZ platform
18 July 2022
AIA New Zealand has launched a digital direct partnership with insurance platform Quashed to distribute its AIA Starter Plans products...
Court finds Select engaged in 'unconscionable conduct' to sell life, funeral products
11 July 2022
Select AFSL and its sales partners, BlueInc Services and Insurance Marketing Service, engaged in unconscionable conduct when selling life, funeral and accidental injury insurance, the Federal Court has found in proceedings launched by the Australian Securities and Investments Commission...
FSC sets out why commissions should stay
11 July 2022
The exemption to the ban on conflicted remuneration for life risk insurance products should stay, the Financial Services Council says in a detailed submission explaining why the current commission-based model helps consumers...
'Flawed logic': advisers rebut calls for life commissions ban
11 July 2022
The Association of Financial Advisers has pushed back against calls for life commissions to be banned, dismissing arguments as “flawed logic” as the Treasury-led Quality of Advice Review prepares to provide its report to the Government by December 16...
Insurer 'adequately' disclosed stepped premiums, cover extension: AFCA
11 July 2022
An AIA income care policyholder who complained the insurer extended his policy up to age 70 without informing him and raised his monthly premium by 450% instead of 9.5% as stated in a letter has lost his dispute...
AFA seeks awards nominations
11 July 2022
The Association of Financial Advisers is seeking nominations for adviser of the year and female excellence in advice...
Australian Group Insurances appoints CEO
11 July 2022
Third-party insurance administrator Australian Group Insurances says Benno Lyakurwa has taken up the newly created CEO role...
NSW floods: AIA offers premium waver, policy suspension
11 July 2022
AIA Australia is offering premium waiver and policy suspension options as part of a new assistance package for its customers affected by the latest NSW flood...
Climate change is greatest health threat: AIA
04 July 2022
Life insurer AIA has released a report highlighting the “inextricable link” between the environment and public health, with climate change singled out as the greatest global threat...
Up and away with TAA: Adviser peak bodies merge
04 July 2022
Members of the Authorised Representatives Association members have voted to close the peak body, joining The Advisers Association at the start of this month...
Videos promote paperless advice statements
04 July 2022
The Financial Planning Association has prepared a series of 14 videos to help its members provide statements of advice to clients via a video format while remaining within the regulatory framework...
MLC Life moves on advisers' feedback
04 July 2022
MLC Life Insurance has made a series of enhancements to its retail products following feedback from advisers...
icare's risk chief moves to MLC Life
04 July 2022
MLC Life Insurance says Jane McGovern, who is currently Group Executive Risk and Governance at NSW Government insurer icare, will join the business as Chief Risk Officer on September 19...