Category | Superannuation


AMP Deducted Premiums From Deceased Policy Holders

AMP has told the Banking Royal Commission that it deducted life insurance premiums from the superannuation accounts of people who have died, even when notified of the person’s death, and repaid the premiums from the death benefit. (more…)

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· September 17, 2018 in Compliance & Regulation, Products, Services, Superannuation  

Royal Commission Will Not Examine Life Insurance Advice

Financial advice related to life insurance will not be examined during the current round of hearings of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. (more…)

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1 · September 10, 2018 in Claims, Compliance & Regulation, Products, Remuneration, Services, Superannuation  

Group Life Code of Practice Too Weak to be Effective

The current voluntary code of practice covering life insurance inside superannuation is too weak at present to be effective and should be made mandatory for all superannuation trustees, according to ASIC. (more…)

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0 · September 7, 2018 in Compliance & Regulation, Superannuation  

MetLife Australia Launches Claims Platform

MetLife Australia has released a digital life insurance claims platform which it has launched with a public offer industry fund in South Australia. (more…)

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0 · August 28, 2018 in Services, Superannuation  

FSC Life Code Will Extend to Super Trustees

The Financial Services Council (FSC) will extend its mandatory Life Insurance Code of Practice (LICP) to cover superannuation trustees in a move which tackles criticism about the effectiveness of a voluntary code released an industry working group last year. (more…)

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1 · July 27, 2018 in Associations, Compliance & Regulation, Products, Services, Superannuation  

ClearView Claims Opt-In Regime Hurts Consumers

ClearView Life has repeated its call for all life insurance inside superannuation to be offered on an opt-in basis to all fund members claiming many members are under-insured, unaware of what they are insured for and are paying too much for the cover they receive. (more…)

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0 · July 10, 2018 in Products, Services, Superannuation  

Shift to Opt-In for Group Life Will Have Minimal Benefit

Moving group life insurance cover to an opt-in basis for people under 25 would do little to address superannuation balance erosion and would cost the Australia economy around $2.4 billion per year, according to research released by AIA Australia. (more…)

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0 · June 8, 2018 in Superannuation  

OnePath Launches New Portal For Group Life Members

ANZ has expanded its OnePath service offering to superannuation fund trustees and members with the launch of new digital tools that allow them to access information about ongoing life insurance claims. (more…)

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0 · June 5, 2018 in Company News, Services, Superannuation  

Govt Report Claims Insurance in Super Code Falls Short

The voluntary code of practice for group life insurance providers falls short of what is expected of an industry code of conduct and doubts have been expressed about its ability to deliver material improvements to super fund member, the Productivity Commission has claimed. (more…)

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0 · May 29, 2018 in Compliance & Regulation, Products, Superannuation  

MLC Life Signs Second Fund to Group Life Platform

MLC Life Insurance will roll-out its group life insurance digital portal, LifeView, to the 100,000 member industry fund Vision Super, the second move of its kind in the past six months. (more…)

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0 · May 25, 2018 in Products, Superannuation, Technology