News in Brief

Labor Names New Shadow Minister for Financial Services AFA Awards Nominations Open (more…)

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0 · May 11, 2018 in Associations  

ANZ Receives First Proceeds from Life Insurance Sale

ANZ has received the first tranche of proceeds from the sale of its life insurance business to Zurich receiving around $1 billion of reinsurance proceeds. (more…)

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0 · May 9, 2018 in Appointments, Company News  
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AFA Restricts Advice Practice From Promoting Award

The AFA has taken steps to prevent advice practice Henderson Maxwell promoting itself as a winner of one of the Association’s flagship awards, following concerns raised at the Royal Commission about advice provided by the practice. (more…)

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7 · May 8, 2018 in Associations  

ASIC Moves to Stop Adviser Providing Services

ASIC has taken legal action to prevent an adviser, whom it alleges submitted illegitimate life insurance applications to receive commissions, from providing any further advice. The regulator stated it had commenced proceedings in the Federal Court of Australia against New South Wales financial adviser, Graeme Walter Miller and three related companies: CFS Private Wealth, Combined […]

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2 · May 8, 2018 in Compliance & Regulation  

Group Life to Become Opt-In for All Younger Members

All group life insurance will be offered on an opt-in basis for members under the age of 25 as part of new Federal Budget measures to prevent the erosion of superannuation balances by insurance premiums. (more…)

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0 · May 8, 2018 in Superannuation  
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Latest Poll – Two Strikes and You’re Out

As the fallout from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry continues, our latest poll references ANZ’s announcement this week that it will terminate the contracts of advisers within its bank advice network if they fail two compliance audits. (more…)

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2 · May 8, 2018 in Compliance & Regulation, Polls  

Zurich Offers Lifestyle Program to Retail Clients

Zurich has rolled out a mobile app-based lifestyle program to retail life insurance policyholders which provides discounts on a range of lifestyle and entertainment offers. (more…)

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0 · May 8, 2018 in Company News, Services  

Royal Commission Triggers Interest From NZ Regulators

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry appears to be having a direct flow-on effect into the New Zealand financial advice sector. (more…)

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0 · May 8, 2018 in Company News, Compliance & Regulation  
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ANZ Puts Advisers on Notice

ANZ has warned its financial advisers that they will be terminated if they fail two audits and has removed all sales incentives related to financial advice. (more…)

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1 · May 8, 2018 in Company News, Compliance & Regulation, Dealer Groups, Remuneration, Services  

AMP Royal Commission Latest

AMP has rejected claims that it may have breached the Corporations Act in its handling of an independent report into ‘fee for no service’ practices within its financial advice business, and that breaches related to the practice should be handled by ASIC and not the Banking Royal Commission. (more…)

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0 · May 7, 2018 in Company News, Compliance & Regulation, Dealer Groups, Remuneration