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Shelf Space Fees May Continue Under LIF

Life insurers may still be able to pay shelf space fees to advice licensees after 1 January 2018 as long as the payments were not considered conflicted remuneration, ASIC has told a Parliamentary Inquiry. (more…)

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2 · August 15, 2017 in Compliance & Regulation, Remuneration  
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The Question of Life Product Shelf Space Fees

Our latest poll is based on ASIC’s assessment that life insurers may still be in a position to pay licensee shelf space fees following the implementation of the Life Insurance Framework reforms. (more…)

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1 · August 15, 2017 in Compliance & Regulation, Polls, Remuneration  
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AFA To Revise Constitution at AGM

The Association of Financial Advisers (AFA) will seek to revise its constitution and by-laws in an effort to become a code monitoring body under the new professional standards legislation. (more…)

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0 · August 15, 2017 in Associations, Conferences and Events  

Reprice Group Life Based on Dependents – Rice Warner

Group life insurance should be repriced to take into consideration the financial needs of members instead of being based on default sums, according to industry consultant group Rice Warner. (more…)

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2 · August 15, 2017 in Products, Superannuation  

News in Brief

ASIC Seeks Peer Review Panel Members Infocus to Expand H&R Block Referral Program ClearView Signs Xplan for Scaled Advice (more…)

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0 · August 15, 2017 in Company News, Dealer Groups, Services, Technology  
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Risk Adviser to Appeal Five Year Ban

A financial adviser who has banned by ASIC for five years after failing to act in the best interest of clients has asked for the decision to be reviewed by the Administrative Appeals Tribunal (AAT). (more…)

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2 · August 15, 2017 in Compliance & Regulation  

Head of New Education Authority Appointed

The Federal Government has announced that Deen Sanders OAM, head of the Professional Standards Authority, has been appointed as the Chief Executive of the Financial Adviser Standards and Ethics Authority Limited (FASEA). (more…)

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0 · August 11, 2017 in Appointments, Compliance & Regulation, Training  

AMP Life Signs Further Reinsurance Arrangements

AMP has extended its reinsurance arrangements with Munich Reinsurance and signed a separate deal with General Reinsurance Life Australia to collectively reinsure 65% of AMP Life’s retail life insurance portfolio. (more…)

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1 · August 10, 2017 in Company News  
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CBA Examining CommInsure Sale

The Commonwealth Bank (CBA) has flagged that it may sell its Australian and New Zealand life insurance businesses stating that it is in discussions with interested parties. (more…)

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1 · August 9, 2017 in Company News  

ASIC’s Life SoA Downplays Advice

Further calls have been made to move commissions off the front page of ASIC’s example Life Insurance Statement of Advice (SoA) with the FPA stating the document should highlight the advice process first. (more…)

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3 · August 9, 2017 in Compliance & Regulation, Remuneration