FSC consults on occupational exclusions removal
16 August 2021
The Financial Services Council has started a consultation exercise to work towards the removal of occupational exclusions in default group life insurance policies...
Life Insurance
TAL agrees to acquire Westpac life arm for $900 million
09 August 2021
TAL Dai-ichi Life Australia has agreed to acquire Westpac’s Australian life insurance arm in a deal worth at least $900 million, the two businesses announced today...
APRA stress tests find industry able to cope with severe downturn
09 August 2021
The prudential regulator says its stress tests last year of the 21 largest life insurers indicate they are well-positioned to withstand a very severe economic downturn...
Advisers banned over corporate breaches
09 August 2021
Gold Coast-based advisers Trent Allan and Fabrizio Urrutia have each copped a five-year ban for breaching financial services laws, the Australian Securities and Investments Commission announced...
Advice misconduct compensation tops $1.8 billion: ASIC update
09 August 2021
About $1.86 billion in compensation has been paid or offered by six financial services providers to customers who suffered loss from non-complaint advice or were charged for services they never received, the Australian Securities and Investments Commission says...
AMP-linked advisers join push for ASIC levy change
09 August 2021
The Advisers Association, a non-profit group that advocates on behalf of AMP Financial Planning, has again pushed for changes to the funding levy model used by the corporate regulator to support its supervision work...
Treasury releases policy paper on disciplinary body regulations
09 August 2021
Treasury has released for consultation a policy paper for the government’s planned single disciplinary body for financial advisers, after the House of Representatives last week passed the Better Advice Bill for the proposed scheme...
'Stapling' reform finalised
09 August 2021
The Financial Services Council has welcomed the registration of regulations finalising the government’s move to “staple” workers to one single superannuation account, a measure that is aimed at protecting Australians from having to pay unnecessary fees and group insurance premiums...
ASIC report says TPD insurers have more work to do
02 August 2021
The corporate regulator says gaps remain in the way total and permanent disability claims are handled, more than a year after it released a report that concluded there were industry-wide issues such as frictions in claims handling...
AFCA details approach to retrospective exclusion disputes
02 August 2021
The Australian Financial Complaints Authority has carefully detailed how it evaluates complaints over variations of life insurance cover, such as retrospective exclusions, after finding this was a main cause of claim disputes...
MPs told of cost, mental fallouts from regulatory reforms
02 August 2021
The peak bodies for advisers and financial planners have again flagged concerns over the impact of regulatory reforms on their members, saying changes have led to financial and mental health challenges...
NZ regulator seeks penalty against AIA over false representations to customers
02 August 2021
New Zealand’s Financial Markets Authority says AIA has admitted to making false and/or misleading representations to customers in proceedings it took against the life insurer...
NZ publishes cyber resilience guide for advisers
02 August 2021
New Zealand’s Financial Markets Authority has released a cyber resilience information sheet for financial advice provider licensees, who are required to have a business continuity plan that includes mitigating digital risks...
FPA hunts new CEO as De Gori prepares to step down
02 August 2021
The Financial Planning Association has commenced a search for a new CEO to succeed Dante De Gori, who will be stepping down at the end of the year after nearly six years in the role...
TAL, Deakin University set up adviser education initiative
02 August 2021
TAL and Deakin University have established a partnership to help advisers with their obligation to meet the Financial Adviser Standards and Ethics Authority education requirements...
MLC Life partners with Beyond Pain
02 August 2021
MLC Life is partnering with pain management specialist Beyond Pain to help customers suffering chronic pain, fatigue and mental illness return to work after making a claim...
ASIC industry funding levy formula 'not equitable': planners
26 July 2021
Financial advisers and planners are concerned about the estimated levy the industry will pay to support the corporate regulator’s supervision work in the 2020/21 financial year...
AFA names new CEO
26 July 2021
The Association of Financial Advisers announced today it has appointed Helen Morgan-Banda as CEO, replacing Philip Kewin who will lead the National Insurance Brokers Association...
Advisers flag concerns over cost of proposed compensation scheme
26 July 2021
The Association of Financial Advisers says it is “very concerned” about the cost of the proposed Compensation Scheme of Last Resort, in particular the potential risk in the event of a black swan product failure...
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...