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Commission Details Potential Life Insurer Misconduct

Major insurers offering products into the retail advised life insurance market have presented a lengthy list of possible misconduct to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. (more…)

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2 · September 11, 2018 in Claims, Company News, Compliance & Regulation, Products, Remuneration, Services  
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Questions Raised Over Gap in Claims Regulations

The inconsistencies in the treatment of life insurance products under law has been raised by the Royal Commission which questioned why ASIC did not have full oversight over their distribution and application during claims. (more…)

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1 · September 11, 2018 in Claims, Compliance & Regulation, Products  
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ClearView Admits to 300,000 Breaches of Anti-Hawking Regulations

ClearView Life has admitted to more than 300,000 breaches of anti-hawking provisions related to the sale of direct life insurance by the company. (more…)

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0 · September 10, 2018 in Company News, Compliance & Regulation, Products, Services  
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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  

Retain DFP For Non-Advice Roles

The Diploma of Financial Planning (DFP) should be retained for the training of financial services professionals who do not provide advice but who will need some further training, according to Mentor Education Group principal, Dr Mark Sinclair. (more…)

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2 · September 7, 2018 in Compliance & Regulation, Training  
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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  

AFA Appoints Alliances Manager

The AFA has recruited a former Suncorp executive manager to the oversee the development of alliances with business partners that benefit members of the Association. (more…)

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0 · September 7, 2018 in Appointments, Associations, Conferences and Events, Products, Services  

NSW Adviser Removed from Industry For Three Years

ASIC has accepted a court enforceable undertaking (EU) from a NSW financial adviser which will prohibit him from providing advice for three years. (more…)

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0 · September 5, 2018 in Compliance & Regulation  
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Financial Services to Remain Within Treasury

The Federal Treasurer, Josh Frydenberg, has confirmed there will not be a designated minister to oversee the financial services sector but that Assistant Treasurer, Stuart Robert, would oversee the area as part of his duties. (more…)

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1 · September 4, 2018 in Appointments, Compliance & Regulation  
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Integrity Life Expands Executive Team

Integrity Life has recruited two further senior staffers from its larger competitors ahead of the release of retail products to advisers later this year. (more…)

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0 · September 4, 2018 in Appointments, Company News, Products