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Tag Archives | disclosure

FOS Top 10 Tips for Getting Advice Right

When providing personal financial advice to retail clients, there are a few things to keep in mind to ensure you can avoid disputes. It might sound like common sense, however, best practice is to always act in the interests of clients, prioritise the client’s interests and provide appropriate advice. This case study provides the Financial […]

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Case Study – The Value of Pre-assessments

This case study focuses on the underwriting process, and the value of utilising pre-assessments. It is designed to help advisers improve their process, their engagement with clients and to reduce completion times. At a glance Source: Melissa Crawford, Owner and Insurance Strategist, 19Thirty Client: White collar professional with history of drug use Topics covered: underwriting, […]

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Case Study – FOS Determination – Income Protection Offset

This case looks at a dispute between a claimant and their insurer, which was resolved by the Financial Ombudsman Service in June 2014. The insurer applied an offset clause to the claimant’s income protection benefit, reducing the payments. FOS overruled the insurer, ordering them to pay compensation. The case has implications for advisers recommending key […]

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Case Study – Swansson v Harrison

In this legal case study, Richard Swansson (plaintiff) successfully sued the adviser, Russell Harrison, and his licensee (Synchron) for damages of nearly $1.5 million because an act of non-disclosure left him uninsured. Mr Harrison has subsequently made changes to his client disclosure processes, and shares these below. (more…)

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Case Study – CFP v Couper

This legal case study deals with a client who switched his life insurance cover from one company to another, on the advice of his adviser. He was left uninsured when the new insurer voided the contract due to non-disclosure issues. The court concluded that the adviser was negligent and engaged in misleading or deceptive conduct, in […]

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Case Study – Ravesi vs National Australia Bank

In this legal case study, the client, Paul Ravesi, successfully argued that he was entitled to damages because his adviser, Peter Moore, an employee of the National Australia Bank (NAB), failed to take out the correct insurance policies on his behalf. Mr Ravesi suffered a serious accident, for which he was entitled to claim on […]

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Case Study – Smoking Status

In this claims case study, the adviser shares the difficulties he encountered when lodging a claim for a client who had quit smoking prior to taking out his policy. The case study emphasises the importance of disclosure and definitions, and more significantly, the vital role a proactive and passionate adviser plays from contract to claim. At […]

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