‘Unnecessary’ Royal Commission Should Restore Trust

The calling of a Royal Commission into banking and financial services was likely to remove uncertainty and restore consumer confidence but should not re-examine areas covered by previous inquiries and reviews, according to industry bodies. (more…)

Continue Reading
4 · December 4, 2017 in Associations, Compliance & Regulation  

ASIC Bans Adviser for Super, Insurance Best Interest Failure

A Victorian financial adviser has been banned for three years after failing to act in the best interests of clients when switching their life insurance and superannuation. (more…)

Continue Reading
0 · December 1, 2017 in Compliance & Regulation  

Government Calls Royal Commission into Banking and Financial Services

The Federal Government has announced that it will establish a Royal Commission into alleged misconduct of Australia’s banks, and that it will also cover life insurers and other financial services providers. (more…)

Continue Reading
5 · November 30, 2017 in Breaking, Compliance & Regulation  

AFA Launches Consumer Magazine

The AFA has launched a consumer focused magazine off the back of its Your Best Interests (YBI) video series and website. (more…)

Continue Reading
1 · November 28, 2017 in Associations, Soft Skills  

LIF – Seven in Ten Advice Business Models May Change

Our latest poll results suggest almost seven in ten advisers have changed their business model in the lead-up to the Life Insurance Framework transition period, or are at least thinking about it. (more…)

Continue Reading
3 · November 28, 2017 in Compliance & Regulation, Polls, Remuneration  

Lack of Information Leading to Claims Scepticism

The lack of information on what occurs during a life insurance claim continues to cause stress for claimants and feeds into ongoing scepticism around life insurance, according to a claims specialist. (more…)

Continue Reading
3 · November 27, 2017 in Claims, Services  

FPA Names Annual Award Winners

The FPA has named the recipients of its annual awards at its recent Professionals Congress held in Hobart with a Western Australian planner and practice winning the leading awards. (more…)

Continue Reading
0 · November 24, 2017 in Associations, Conferences and Events  

ASIC Uncertain All Direct Insurance Covered by LIF

ASIC has flagged it is not completely certain that a ban on commissions within the direct insurance space will immediately eliminate all forms of conflicted remuneration in that sector. (more…)

Continue Reading
5 · November 24, 2017 in Compliance & Regulation, Remuneration  

Legacy Products Climb as Rationalisation Stagnates

Close to 300 legacy life insurance products could be closed if the Federal Government amended laws around product rationalisation, the FSC has claimed. (more…)

Continue Reading
3 · November 24, 2017 in Associations, Products  

Government Proposes Jump in Licence Fee Costs

Financial advisers thinking of setting up shop under their own licence will be forced to pay higher licensing fees from 1 July next year, under new proposals released as part of the industry funding model for ASIC. (more…)

Continue Reading
1 · November 23, 2017 in Compliance & Regulation, Practice Management