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AFA Questions FASEA View of Advisers

FASEA’s view of financial advisers has been questioned by the AFA which has asked the education body why new Continuing Professional Development (CPD) standards have ethics training occupying nearly twice the time allocated to professional and technical reading. (more…)

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4 · December 11, 2018 in Associations, Compliance & Regulation, Training  
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Claims Processing Still Too Slow For Policyholders

Further work needs to be done to increase the speed of the processing of life insurance claims, according to a number of consumer reviews collated by an online insurance comparison and information website. (more…)

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1 · December 11, 2018 in Claims, Products, Services  
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Consumers Unwilling to Subsidise Genetic Test Affected Premiums

Around 50 percent of consumers believe life insurance premiums should be based on the likelihood of making a claim but nearly two third have rejected the idea of paying higher premiums to subsidise people with an adverse genetic test result, according to the FSC. (more…)

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1 · December 9, 2018 in Associations, Claims  
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New Education Standards Disadvantage Women, Part-Timers

New education standards being put forward by FASEA will be disadvantage female, part-time, and older advisers who will not be able to both work and study, according to the chair of a top five licensee. (more…)

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0 · December 6, 2018 in Compliance & Regulation, Training  
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Seeing More Clients Will Not Save Risk Advice – ClearView

Risk advisers are unlikely to survive under the LIF changes by selling more insurance or seeing more clients and should consider expanding their services or implementing a mixed fee and commission model, according to ClearView. (more…)

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11 · December 4, 2018 in Compliance & Regulation, Products, Remuneration, Services  
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MLC Life Names New Chief Underwriter

MLC Life has named a new Chief Underwriter as part of a round of appointments aimed at expanding the operational capability of the life insurer. (more…)

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0 · December 4, 2018 in Company News, Uncategorized, Underwriting  
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ASIC Cancels Licence of Advice Firm

ASIC has cancelled the financial services licence of a Melbourne based advice business that offered life insurance linked to personal loans, a month after it was hit with a multi-million dollar penalty for breaching financial services laws. (more…)

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0 · December 3, 2018 in Compliance & Regulation, Products, Services  
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FASEA Releases Two Stage Process to Recognise Foreign Qualifications

Financial advisers with qualifications gained overseas will be required to have them assessed by Federal Government approved body before seeking further approval from FASEA that the training is considered eligible for recognition of prior learning. (more…)

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0 · November 30, 2018 in Compliance & Regulation, Training  
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CommInsure Updates Application Tool With Alternative Terms

CommInsure has made a number of enhancements to its policy application tool including the launch of Alternative Terms and updates to its client management system. (more…)

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0 · November 27, 2018 in Technology, Underwriting  
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Advisers Urged to Check Registration Status

Financial advisers have been urged to check they are registered on ASIC’s Financial Adviser Register (FAR) before the end of the year to avoid being considered as a new entrant to the industry and subject to differing education requirements than for existing advisers. (more…)

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0 · November 26, 2018 in Associations, Compliance & Regulation, Training