Tag Archives | feature

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Education Standards for New Advisers Welcomed

New entrants into the financial advice sector will be required to gain a bachelor level degree that covers the technical aspects of financial advice as well as ethics, professional attitudes and behaviours. (more…)

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3 · October 31, 2017 in Associations, Compliance & Regulation, Training  
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Risk Advice Business Hit With $1 Million Penalty

A Melbourne based financial advice group has received a $1 million civil penalty for breaches of best interests duty related to advice related to life insurance. (more…)

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3 · October 30, 2017 in Compliance & Regulation, Dealer Groups  
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Adviser Loyalty to Insurers Falls Away

The number of life insurers used by financial advisers has fallen to its lowest level in three years yet more than a quarter of advisers are looking to establish a relationship with a new insurer in the next 12 months, according to Investment Trends. (more…)

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6 · October 24, 2017 in General, Products, Services  
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MLC Life Expands Policy Discount Eligibility

MLC Life Insurance has extended the eligibility criteria for discounts that apply to clients holding multiple policies with the insurer and has also enhanced some benefits relating to certain trauma definitions. (more…)

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0 · October 24, 2017 in Company News, Products  
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Partial Benefit Reductions Shouldn’t be Classified as Lapses – Advisers

Advisers overwhelmingly agree that partial cover reductions should not be taken into account by ASIC when defining lapses, while uncertainty remains as to exactly what does, or should, constitute a lapse in the first place. (more…)

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7 · October 24, 2017 in Compliance & Regulation, Polls  
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Taskforce Calls for Boost to ASIC Penalty Regime

Financial advisers could be hit with fines of $126,000 for failing to provide a Statement of Advice (SoA) under new recommendations being put forward by a Federal Government taskforce, which has recommended the penalties available to ASIC be substantially increased. (more…)

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5 · October 24, 2017 in Compliance & Regulation, General  
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What’s a Lapse?

Our latest poll asks for your verdict on whether insured benefit reductions should be used by ASIC as a factor when determining lapses. (more…)

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3 · October 17, 2017 in Compliance & Regulation, Polls  
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Calls to Review ASIC Lapse Definition

Industry stakeholders are seeking clarity from ASIC over the criteria it is using to determine the incidence of life insurance policy lapses. (more…)

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11 · October 17, 2017 in Compliance & Regulation  
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ANZ Wealth to Keep Insurance on the Table

ANZ Wealth has stated it will continue to invest in its life insurance business but may sell it separately from its pensions, investments and aligned advice businesses, which have been sold to IOOF. (more…)

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1 · October 17, 2017 in Company News  
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Westpac to Face Class Action Over Premiums

Consumers who received life insurance advice from a Westpac aligned financial adviser and purchased a policy based on that advice have been encouraged to join a class action which claims the bank overcharged clients for their life insurance premiums. (more…)

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9 · October 16, 2017 in Claims, Company News, Compliance & Regulation, Products