ASIC hands adviser three-year ban
15 October 2018
The Australian Securities and Investments Commission has imposed a three-year ban on financial adviser Gurumukh Singh Mehra for failing to act in clients’ best interests…
Life Insurance
FPA names new Chairman
15 October 2018
The Financial Planning Association has appointed Marisa Broome as Chairman, taking over from Neil Kendall, who has served on the board for eight years…
ASIC releases reporting dates instrument
15 October 2018
The Australian Securities and Investments Commission has introduced a legislative instrument related to professional standards reforms for financial advisers…
MetLife secures Tasplan contract
15 October 2018
MetLife has won a tender to provide group life insurance to Tasmanian industry superannuation fund Tasplan’s 145,000 members…
Life firms fire back after Hayne hammering
08 October 2018
AMP, TAL and other life insurers have taken issue with potential misconduct findings identified by the counsel assisting the Hayne royal at the end of the round six hearings…
Freedom halts life sales, installs new CEO
08 October 2018
Beleaguered Freedom Insurance Group has suspended direct sales of all life products as it continues to search for a new business model…
Hayne must spell end for cold calls: Choice
08 October 2018
Choice CEO Alan Kirkland has called on the financial services and life insurance sector to end outbound sales calls following revelations at the Hayne royal commission…
ASIC wins appeal over fine with no conviction
08 October 2018
The Australian Securities and Investments Commission and the Director of Public Prosecutions have won an appeal against the sentence of former senior financial planner Ricky David Gillespie…
Zurich adopts UnderWriteMe
08 October 2018
Zurich has adopted UndewrWriteMe’s underwriting rules engine as part of a major overhaul of the insurer’s adviser-facing portal. It is the fourth company to adopt the engine this year…
Hayne challenges life sector on commissions, further reforms
01 October 2018
The Hayne royal commission’s interim report and policy questions document has challenged the life insurance sector over continuing poor quality advice and links to commission payments…
S&P predicts bleak year for life insurers
01 October 2018
Life risk premium growth and earnings will be subdued over the next year as super insurance opt-in and poor income product performance damages the life risk sector, says a new S&P Global ratings report…
First life code compliance report pinpoints 23 breaches
01 October 2018
Members of the Financial Services Council’s Life Insurance Code of Practice reported 23 breaches of the code in the last financial year, according to the compliance committee’s first annual report…
Class action launched over ‘worthless’ credit card cover
01 October 2018
Law firm Slater and Gordon has filed class action proceedings in the Federal Court against National Australia Bank and MLC on behalf of customers who were sold “worthless” credit card insurance…
ASIC issues advisers’ ethics compliance guide
01 October 2018
The Australian Securities and Investments Commission has released a guide setting out its approach to the approval and oversight of compliance schemes for financial advisers…
New minister Robert to address AFA conference
01 October 2018
Assistant Treasurer Stuart Robert, who took over the financial services portfolio last month, will address the Association of Financial Advisers conference on Friday next week…
ALUCA conference open for registrations
01 October 2018
The Australasian Life Underwriting and Claims Association is still accepting applications for next week’s conference in Hobart…
FSC says life code update will be tougher
24 September 2018
Financial Services Council CEO Sally Loane says the next version of the life insurance code of practice will take a stronger stance on poor sales practices highlighted at the Hayne royal commission…
Lump sum sales skid to five-year low
24 September 2018
Individual risk lump sum new business sales fell 6.8% to a five-year low of $1.27 billion in the last financial year, research house Dexx&r says…
Appeals tribunal clears WA adviser of misconduct
24 September 2018
The Administrative Appeals Tribunal has cleared WA adviser Robert Hutchison of financial misconduct and set aside a lifetime ban barring him from the industry…
ASIC bans ex-Macquarie advisers
24 September 2018
Dishonest conduct has resulted in two former Macquarie financial advisers being banned from providing financial services for 10 years…