ASIC Seeks Court Order Over AMP Fee Documents

ASIC has taken legal action against a major law firm which has refused to hand over documents relating to the regulator’s investigation into fees for no service (FFNS) conduct carried out by AMP. (more…)

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0 · December 18, 2018 in Company News, Compliance & Regulation, Products, Services  
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Advisers Will Have Limited Feedback on Exam Performance

Financial advisers will be given three hours to answer 70 questions in the proposed FASEA Adviser Exam but will only be provided with limited feedback on their answers if they fail. (more…)

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7 · December 14, 2018 in Compliance & Regulation, Training  

AMP Life Announces Closing Date for New Business

AMP Life has confirmed the closing date for new business into its AMP Elevate range but has indicated it will continue to accept new applications from advice clients who pay premiums via one of AMP’s platforms. (more…)

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0 · December 14, 2018 in Company News, Products, Remuneration, Services  
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Associations Must Apply For Designation Accreditation – FASEA

The Financial Adviser Standards and Ethics Authority (FASEA) has invited industry associations to apply for accreditation of their professional designations so advisers can gain credits for the recognition of prior learning. (more…)

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0 · December 12, 2018 in Associations, Compliance & Regulation, Training  

NEOS Introduces Online Alteration Capability

NEOS Life has launched an online alteration capability to its services and in its first phase will provide the ability for advisers to transfer the ownership of an existing policy inside, or outside of superannuation, using the same application process as for new business. (more…)

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0 · December 11, 2018 in Products, Services, Superannuation, Technology, Underwriting  
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AFA Questions FASEA View of Advisers

FASEA’s view of financial advisers has been questioned by the AFA which has asked the education body why new Continuing Professional Development (CPD) standards have ethics training occupying nearly twice the time allocated to professional and technical reading. (more…)

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4 · December 11, 2018 in Associations, Compliance & Regulation, Training  

Integrated Data Tools to Speed Claims Process

Health care services facilitator Unified Healthcare Group (UHG) has partnered with a claims management software provider to greater access to medical information and records to reduce the time required to process a life insurance claim. (more…)

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0 · December 11, 2018 in Claims, Technology  
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Claims Processing Still Too Slow For Policyholders

Further work needs to be done to increase the speed of the processing of life insurance claims, according to a number of consumer reviews collated by an online insurance comparison and information website. (more…)

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1 · December 11, 2018 in Claims, Products, Services  

IOOF CEO Stands Aside as APRA Seeks Disqualification

The Chief Executive of IOOF, Chris Kelaher, and the Chair of its board, George Venardos, have stepped aside from their roles after APRA announced it would be taking action against the company for failing to act in the best interests of superannuation members. (more…)

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0 · December 11, 2018 in Company News, Compliance & Regulation  
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Consumers Unwilling to Subsidise Genetic Test Affected Premiums

Around 50 percent of consumers believe life insurance premiums should be based on the likelihood of making a claim but nearly two third have rejected the idea of paying higher premiums to subsidise people with an adverse genetic test result, according to the FSC. (more…)

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1 · December 9, 2018 in Associations, Claims