Advisers Receive EU For Inappropriate Life Insurance Advice

Two financial advisers working for the same advice group, but based in different states, have agreed to enforceable undertakings after ASIC found they provided inappropriate advice about switching life insurance products. (more…)

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0 · January 9, 2018 in Compliance & Regulation  

Compensation Scheme Should Target Financial Advice

A compensation scheme of last resort (CSLR) focused on the financial advice sector is required to deal with the high level of unpaid dispute determinations, a government appointed panel has claimed. (more…)

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0 · January 9, 2018 in Compliance & Regulation, General  

Aligned Advice Groups Close Gap on Non-Existent Advice Compensation

Aligned advice groups have returned more than $180 million in financial advice fees that were collected without the provision of advice, according to data released by ASIC in December. (more…)

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0 · January 9, 2018 in Compliance & Regulation, Dealer Groups, Remuneration  

New Life Insurance Sales Up 10 Per Cent

Sales of individual Death, TPD and Trauma insurance were up nearly ten per cent for the year to the end of September 2017 as seven of the top ten life insurers recorded an increase in lump sum new business, according to the latest Life Analysis Report released by DEXX&R. (more…)

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2 · January 9, 2018 in General, Products  

BT Adopts Electronic Medical Certificates

BT has become the first life insurer to adopt the use of electronic medical certificates (ecerts) as part of an ongoing drive to simplify the claims processes for claimants and their doctors. (more…)

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0 · January 9, 2018 in Claims, Company News  

Adviser Receives EU Over Insurance Switching Advice

ASIC has accepted an enforceable undertaking (EU) from a NSW adviser after it found he switched insurance and superannuation for clients without considering their current arrangements. (more…)

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0 · December 19, 2017 in Compliance & Regulation, Superannuation  

CommInsure to Pay $300,000 Over Misleading Trauma Advertising

ASIC has concluded a long running investigation into the advertising of CommInsure life insurance products by requiring the insurer to pay $300,000 to a consumer insurance advice service. (more…)

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0 · December 18, 2017 in Claims, Compliance & Regulation  

Existing Advisers Will Require Study: FASEA

Existing financial advisers will be required to a hold a degree equivalent qualification by 1 January, 2024 if they wish to continue to practice, according to new proposals released by the Financial Adviser Standards and Ethics Authority (FASEA). (more…)

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1 · December 14, 2017 in Conferences and Events, Training  

AMP Cuts Claims Processing Time

AMP has reduced claims processing times to 36 hours for some of its life insurance claimants off the back of its Fast Track claims process. (more…)

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0 · December 14, 2017 in Claims, Services  

Advice Leading Trigger for Review of Insurance Inside Super

Financial advice has been found to be the leading cause of people taking action to review their life insurance inside a superannuation fund, according to research conducted by MetLife. (more…)

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1 · December 12, 2017 in Services, Superannuation