News in Brief

AIA Updates Policy Fees

AIA Australia updated policy fees on 1 October 2017 for its Priority Protection and Priority Protection for Platform Investors range of products.

The new policy fees, adjusted in line with the Consumer Price Index, will apply to new business effective from 1 October. The insurer notes that existing policy holders will also have the new policy fees applied on their next policy anniversary following 1 October 2017.

World Financial Planning Day to Focus on Financial Literacy

Financial literacy standards are falling within Australia but efforts to left them will be the focus of World Financial Planning Day on 4 October, which is being promoted in Australia by the FPA.

FPA CEO Dante De Gori

FPA CEO Dante De Gori

The Association stated that Australia ranks ninth in the world in terms of financial literacy and almost two-thirds of adults understood basic financial concepts but this was not being reflected among young people with around 20% of 15-year-olds lacking basic financial literacy.

“We are committed to ensuring that consumers have access to the best financial advice. We see financial literacy as key to this process, allowing consumers to confidently make decisions in terms of finding the right financial planner and acting on their advice,” FPA Chief Executive, Dante De Gori said.

World Financial Planning Day has been organised by the Financial Planning Standards Board and the FPA will be supporting it by publishing new articles on its Money & Life website, sharing insights from its recent Live the Dream 2017 research report and joining in on the global social media conversation.