Advisers slam ASIC levy hikes
08 March 2021
The financial advice industry has expressed anger over the corporate regulator’s plan to collect more levies from them to fund its supervision of the sector...
Life Insurance
Life industry books smaller loss, DII remains a drag
08 March 2021
The life insurance industry narrowed its net loss to $100 million last year from $300 million in 2019, according to the latest update from Australian Prudential Regulation Authority...
Super fund accused of ‘deceptive’ insurance conduct
08 March 2021
The corporate regulator has filed civil penalty proceedings against Statewide Superannuation, alleging it engaged in “misleading or deceptive correspondence” when 12,500 members were contacted about group insurance they supposedly held through the financial services provider...
MLC Life Insurance names GM for retail distribution partnerships
08 March 2021
MLC Life Insurance has appointed Michael Downey as GM Retail Distribution Partnerships, replacing Russell Hannah who is leaving on March 26...
Dover must pay $1.2 million for misleading clients
08 March 2021
The Federal Court has ordered Dover Financial Advisers and its founder Terry McMaster to pay penalties of $1.2 million and $240,000 respectively for engaging in false or misleading actions, compromising clients’ interest in the process...
AIA launches ‘check in’ health support service
08 March 2021
AIA Australia has launched a health support service in collaboration with Mindstar, a wellbeing solutions company...
Adviser body wants clarity over ‘advice’ description
01 March 2021
The Advisers Association says today it is “potentially misleading” to label financial product information as “advice” when it is not...
Laws requiring annual advice fee statements passed in Parliament
01 March 2021
Legislation aimed at protecting Australians from hidden advice fees and unexpected expenses passed in Parliament last week...
Adviser gave client ‘inappropriate’ life insurance advice: AFCA
01 March 2021
The Australian Financial Complaints Authority has ruled financial firm Your Super Life gave “inappropriate” advice when it recommended a client should set up a self-managed superannuation fund which would also look after his personal insurance needs...
Strong life earnings lift ClearView in December half
01 March 2021
ClearView Wealth has posted higher first-half earnings, driven partly by stronger results from its life business...
CountPlus says ‘clean’ model strategy paying off for advice arm
01 March 2021
Count Financial has posted a 74% rise in first-half earnings, a sign that the advisory practice is on the right growth path, according to CountPlus, which bought the business from Commonwealth Bank in 2019...
Challenger appoints Westpac high flyer as CFO
01 March 2021
Challenger has appointed Rachel Grimes as CFO, effective May 3, replacing Andrew Tobin who is stepping down after 13 years...
Super reforms Bill introduced in Parliament
22 February 2021
Legislation aimed at reforming the superannuation system and cutting out “unnecessary” insurance fees was introduced last week in Federal Parliament...
Insurer entitled to stop payments on 65th birthday: AFCA
22 February 2021
A man who lodged a successful accident and sickness claim launched a complaint when his insurer stopped paying benefits on the day he turned 65...
More advisers join Count Financial network
22 February 2021
Count Financial says three financial advice firms have joined its national network...
Applications open for AFA Foundation Grants Program
22 February 2021
The Association of Financial Advisers is seeking applications from its members to nominate a local charity to receive funding from its annual grant program...
PPS Mutual unveils income protection cover for new professionals
22 February 2021
Specialist life insurer PPS Mutual has introduced an income protection offering for newly qualified professionals such as doctors, lawyers and accountants...
COVID disruption sparks planners to make adjustments: survey
15 February 2021
Financial planners have responded to the business disruption arising from the pandemic by making changes to their risk advice operations, research house Investment Trends says in a new report...
TAL policyholder wins partial payout for depression claim
15 February 2021
The Australian Financial Complaints Authority has ruled a TAL customer who holds an income protection policy can only claim for a few months of benefit payment, rejecting his arguments that he was entitled to a bigger payout...
APRA outlines super work targets
15 February 2021
The Australian Prudential Regulation Authority is working towards publishing enhanced data on group insurance some time next year, Deputy Chairman Helen Rowell said in a speech...