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Life Insurance

FPA flags reform concerns in pre-budget submission

07 February 2022

The long-term impacts of regulatory reforms on the advice profession including what it means for consumer affordability are among key issues raised by the Financial Planning Association in its 2022/23 pre-budget submission to Treasury...

Insurer acted unfairly by relying on in-house doctor to assess cancer claim

07 February 2022

The Australian Financial Complaints Authority has ordered AMP to reassess a trauma claim from a policyholder who was diagnosed with skin cancer, ruling the insurer acted unfairly when it relied on medical opinions from its in-house haematologist to review the claim, instead of an oncologist...

Synchron rejects name change for advice document

07 February 2022

Synchron GM Compliance Phil Osborne has dismissed a recent call by some industry commentators to replace Statement of Advice, the description of documents provided to clients, with a new name...

Synchron appoints compliance GM

07 February 2022

Advice group Synchron has appointed Phil Osborne as GM Compliance, who commenced the role at the start of this month...

Life insurers return mixed financial results: APRA data

31 January 2022

Australia’s key life insurance providers achieved mixed earnings results, based on data lodged with the Australian Prudential Regulation Authority for financial years ended in the 12 months to June 30...

Super fund penalised $4 million over 'misleading' insurance information

31 January 2022

The Federal Court has ordered Statewide Superannuation to pay combined penalties of $4 million for providing members with misleading information regarding their insurance and failing to report the breach to the Australian Securities and Investments Commission in the time required by law...

Single adviser disciplinary body commences

31 January 2022

The single disciplinary body for financial advisers as proposed by the Hayne royal commission commenced operations this month as planned, after legislation passed in the Federal Parliament last October...

FSC’s Briggs in charge as search for CEO goes on

31 January 2022

The Financial Services Council says deputy CEO Blake Briggs will run the peak body in the interim following the departure of Sally Loane, who left in December after seven years leading the organisation...