Category | Compliance & Regulation


What’s a Lapse?

Our latest poll asks for your verdict on whether insured benefit reductions should be used by ASIC as a factor when determining lapses. (more…)

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3 · October 17, 2017 in Compliance & Regulation, Polls  

Calls to Review ASIC Lapse Definition

Industry stakeholders are seeking clarity from ASIC over the criteria it is using to determine the incidence of life insurance policy lapses. (more…)

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12 · October 17, 2017 in Compliance & Regulation  

Westpac to Face Class Action Over Premiums

Consumers who received life insurance advice from a Westpac aligned financial adviser and purchased a policy based on that advice have been encouraged to join a class action which claims the bank overcharged clients for their life insurance premiums. (more…)

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9 · October 16, 2017 in Claims, Company News, Compliance & Regulation, Products  

ASIC Accepts EU From Non-Aligned Advice Group

ASIC has accepted an enforceable undertaking (EU) from Queensland boutique financial advice group, Sentinel Private Wealth (SPW), after it was found to have given poor financial advice. (more…)

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0 · October 16, 2017 in Compliance & Regulation, Dealer Groups  

Advisers Deserve Credit But Need to Achieve Higher Standards

The financial advice sector should be given the credit it deserves as a profession but this will only come about as it progresses to higher professional standards, according to the Minister for Revenue and Financial Services, Kelly O’Dwyer. (more…)

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0 · October 13, 2017 in Associations, Compliance & Regulation, Conferences and Events  

More Risk Advisers Seeing Light at the End of the Tunnel

Our latest poll results suggest more risk-focussed advisers are gradually coming to grips with the prospect of a brighter future for their advice proposition. (more…)

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2 · October 9, 2017 in Compliance & Regulation, Polls, Remuneration  

Advice Regulation to Cost $30 Million

The cost of regulating the total financial advice sector will come close to $30 million, according to ASIC, which is expecting to recover most of that sum from financial advisers and licensees that provide advice to retail clients. (more…)

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1 · October 9, 2017 in Compliance & Regulation, Dealer Groups  

Life Insurance Advice Complaints Remain Low

Disputes lodged with the Financial Ombudsman Service (FOS) reached a record level after increasing by 16% over the past 12 months but disputes regarding life insurance remain relatively low. (more…)

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4 · October 6, 2017 in Compliance & Regulation, General  

Risk Specialist Adviser Numbers Continue to Fall

The proportion of risk specialists among advisers who write risk business has continued to decline to its lowest point in five years, according to Investment Trends. (more…)

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9 · October 3, 2017 in Compliance & Regulation, General  

Latest Poll – Risk Specialist Advice Businesses

Our latest poll asks a difficult question about the future for risk specialist advice businesses. (more…)

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5 · October 3, 2017 in Compliance & Regulation, Polls, Remuneration