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Royal Commission Shifts Focus to Causes of Misconduct

The major banks and regulators will make another appearance before the Financial Services Royal Commission (FSRC) in November as the latter focuses on the causes of misconduct identified in its Interim Report. (more…)

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1 · November 6, 2018 in Compliance & Regulation, Products, Services  

Licensees Given One Month to Notify of AFCA Membership

Financial advice licensees have one month to notify ASIC that they have joined the new single external dispute resolution (EDR) scheme – AFCA – which commenced operation from 1 November to avoid facing further fees. (more…)

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0 · November 6, 2018 in Associations, Compliance & Regulation  
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MLC Offers Premium Discount Via New Underwriting Platform

MLC Life will offer a 10 per cent premium discount in the first year to the clients of advisers who purchase life insurance through its digital underwriting platform. (more…)

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0 · November 6, 2018 in Company News, Products, Underwriting  

News in Brief

Mental Health Pilot Boosts Welbeing NEOS Names Trustee For New Pay-By-Super Product (more…)

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0 · November 6, 2018 in Company News, Products, Services  
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Advice Group Hit With $9 Million Penalty

A Melbourne based financial advice business has been ordered to pay nearly $9 million in penalties after it was found to be offering life insurance advice, linked to personal loans, that was not in the best interest of clients. (more…)

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3 · November 5, 2018 in Compliance & Regulation, Products, Services  
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AFA, FPA Move to Become Code Monitoring Bodies

The FPA and AFA have lodged expressions of interest with ASIC to become a Code Monitoring body by the start of 2020. (more…)

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0 · November 2, 2018 in Associations, Compliance & Regulation, Training  

SMEs Under-Insured But Open to Advice

Small to medium enterprises (SME) were more engaged with life insurance than consumers but still remained under-insured, according to a new report released by MetLife Australia. (more…)

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0 · November 1, 2018 in General, Products, Services  
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Life Insurers Place Halt on Use of Genetic Tests

Life insurers will introduce a five-year moratorium on the use of genetic test results within life insurance applications but will maintain limits on cover where the halt will apply. (more…)

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1 · November 1, 2018 in Associations, Underwriting  
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No Cut-Off Date for ADFP Credits

The Financial Adviser Standards and Ethics Authority (FASEA) will not impose cut-off dates when applying credits for prior learning undertaken as part of the Advanced Diploma of Financial Planning (ADFP) but will instead consider the quality of the coursework completed. (more…)

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0 · October 30, 2018 in Compliance & Regulation, Training  
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TAL Accelerated Protection Upgrades

TAL has announced a series of upgrades to its Accelerated Protection product series including reduced premiums for Life and TPD cover and a range of revised definitions for its Critical Illness cover. (more…)

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0 · October 30, 2018 in Products