AMP unveils new advice service model
26 July 2021
AMP announced today a new advice service model, saying it marks a “new era” for financial advice at the business...
Life Insurance
Gold Coast adviser banned for five years
26 July 2021
The corporate regulator has imposed a five-year ban on former adviser Adam Bevan for failing to act in the best interests of clients when he was an authorised representative of Gold Coast-based Trade Wind Financial Services between July 2017 and May last year...
WT Financial seals Sentry acquisition
26 July 2021
Diversified financial services group WT Financial Group has completed its acquisition of advisory dealer group Sentry and placement of new shares for facilitating the purchase, the listed group announced in a brief investor update...
ASIC releases adviser reference checking protocol
26 July 2021
The Australian Securities and Investments Commission (ASIC) has finalised its reference checking and information sharing protocol for advisers, taking into account industry feedback from a consultation it launched last November...
Almost all grandfathered remuneration schemes terminated: ASIC review
19 July 2021
About 96% of grandfathered conflicted remuneration arrangements that product issuers have in place with financial advisers were fully terminated before legislation removing the payment mode came into effect on January 1 this year, the corporate regulator says...
ASIC drops 'fees for no service' criminal probe into AMP
19 July 2021
The corporate regulator says no further action will be taken against AMP over the financial services firm’s alleged “fees for no service” conduct after finalising its investigation into the matter...
Allianz Australia Life names acting CEO
19 July 2021
Allianz Australia Life Insurance has appointed Adrian Stewart as acting CEO, replacing Matthew Rady who will be leaving the business...
AFA sets conference dates
19 July 2021
The Association of Financial Advisers will hold its national conference from September 21-22, with Minister for Superannuation and Financial Services Jane Hume to deliver the keynote address on the opening day of the event...
ASVW adviser licensee group gives business update
19 July 2021
Melbourne-based adviser group ASVW Financial Services is gaining traction in the market by setting out to be different from the traditional licensee model, CEO Stuart Abley says in a business update...
ASIC secures up to $35 million in remediation for OnePath life customers
12 July 2021
OnePath Life will remediate up to $35 million to more than 40,000 life insurance customers who were sold products over the phone between 2010 and 2016, the corporate regulator announced today...
MetLife report highlights potential fallout from axing adviser commission
12 July 2021
A new life insurance report from MetLife has cautioned against axing the adviser commission model ahead of next year’s review into the remuneration arrangement...
FSC leads effort to ready industry for design and distribution regime
12 July 2021
The Financial Services Council says it has developed templates for a number of products such as life insurance and income protection to help members prepare for design and distribution laws that will take effect on October 5...
Westpac NZ life arm sold for $374 million
12 July 2021
Westpac announced last week its New Zealand life business will be sold for $NZ400 million to Fidelity Life Assurance Company...
Consumers resort to lying to get cheaper life policies: survey
12 July 2021
About 20% of consumers have lied when applying for a life insurance policy in order to get cheaper premiums, according to a survey by comparator Finder...
AIA appoints chairman
12 July 2021
AIA Australia has named Peter Yates as Chairman, replacing Theresa Gattung...
Advisers flag privacy concerns over trustee fee oversight guidance
12 July 2021
Advisers have flagged concerns over additional regulatory guidance on oversight of advice fees charged to clients’ superannuation accounts...
DII new business falls to 10-year low
05 July 2021
Disability income insurance new business fell 9.4% to $386 million in the 12 months to March from a year earlier, the lowest recorded since 2011, according to a new report from research house Dexx&r...
Shut borders, masks reduce flu deaths: actuaries
05 July 2021
Influenza-linked deaths in Australia have been almost non-existent since mid-April last year, reflecting the effective impact of face mask rule and social distancing measures in limiting the spread of respiratory illness, according to a new research paper from the Actuaries Institute...
Voluntary group cover code ditched
05 July 2021
The Insurance in Superannuation Voluntary Code of Practice has been replaced with a new guidance, sparking a storm of criticism from consumer advocacy groups...
Claimant loses dispute with Westpac over life advice
05 July 2021
A complainant who claimed inappropriate advice from a representative of Westpac led to her buying polices that did not cover her for anxiety or depression has lost her dispute before the Australian Financial Complaints Authority (AFCA).