Monthly Archives: May 2018
ANZ To Sell OnePath Business in New Zealand
ANZ New Zealand has announced the sale of OnePath Life NZ to specialist insurance provider Cigna Corporation for NZ$700 million.
OnePath Life policyholders in New Zealand will continue to receive the cover they hold under...
Govt Report Claims Insurance in Super Code Falls Short
The voluntary code of practice for group life insurance providers falls short of what is expected of an industry code of conduct and doubts have been expressed about its ability to deliver material improvements...
AIA to Retain CommInsure Product Lines
AIA Australia will initially keep open its own product lines as well as those of CommInsure following the completion of the acquisition of the latter, according to AIA Australia Chief Executive, Damien Mu.
In a...
ASIC to Target Non-Bank Advisers
ASIC is likely to target smaller financial advice groups and individual advisers now that it had a better understanding of the key areas of concerns in the advice process, a financial services legal firm...
No Risk Commissions – No Advisers
The headline to this story succinctly summarises the response we've received to our latest poll.
As we go to press, 84 percent of those voting in our poll have said their advice practice would fail...
MLC Life Signs Second Fund to Group Life Platform
MLC Life Insurance will roll-out its group life insurance digital portal, LifeView, to the 100,000 member industry fund Vision Super, the second move of its kind in the past six months.
The roll-out follows the...
Advised Insurance Best for Claims
Advised life insurance has a higher rate of admitted claims than non-advised insurance across all four product types, according to new data released by ASIC and APRA.
The two regulators released the data as part...
Mass Exodus of Advisers Predicted
More than 50 per cent of financial advisers are predicted to leave the industry in the next five years driven out by higher educational standards and further regulatory changes, according to Adviser Ratings.
The group...
The Future of Risk Commissions
Our latest poll asks you to reflect on ASIC's open support for the complete removal of all life insurance commissions, and what this would mean to your business.
In a recent speech, ASIC's new Chair,...
SoAs Still Too Long For Consumers
Statements of Advice (SoA) are still too long and many advisers are not making efforts to reduce their size causing clients to not understand the advice they are being presented, a fintech firm has...