Monthly Archives: December 2019
ASIC Takes Court Action Against NAB on Fees For No Service and FDS Failure
In late December ASIC announced it had begun civil penalty proceedings in the Federal Court against National Australia Bank Limited (NAB) and was seeking findings of several thousand contraventions of the ASIC Act and...
FASEA Clarifies Position – Green Light for Risk Commissions
In the lead-up to Christmas, FASEA has clarified its position on life insurance commissions, effectively delivering an unequivocal green light to the continuation of commissions as a valid form of remuneration.
Until today, many advisers,...
Adviser Pricing Model Update
Elixir Consulting has launched a new survey to collect data from financial advisers on their pricing models.
In what will be the fifth edition of the Adviser Pricing Models Research Report, Elixir says it will...
Latest Poll – LIF 2020
At the end of a sometimes bruising year for risk-focussed advisers and advice businesses, we're keen to establish your outlook as you enter the New Year.
Twelve months ago, the prospect of moving from 88...
Best Initiatives in 2019
In what has been identified by many in the life insurance and advice sectors as a very tough year, Riskinfo has identified its three best initiatives for 2019.
The year was dominated in many respects...
ASIC Commences Proceedings Against TAL
ASIC has commenced proceedings in the Federal Court against TAL Life Limited for alleged breaches of the ASIC Act, the Corporations Act and the Insurance Contracts Act, in relation to a claim made under...
Life Risk Sales Fall
Confirming other industry data, life risk sales have taken a fall in the 12 months to September 2019, reaching the lowest level of sales in any September quarter over the past five years, according...
ASIC Reminds AFS Licensees to Update Adviser Details
ASIC is calling on Australian financial services licensees to update the Financial Advisers Register with new details about their financial advisers, if they have not done so already.
The regulator updated the Register last month...
Superannuation Industry Must Focus on Better Insurance Outcomes for Members – ASIC
ASIC has urged the superannuation industry to focus on improving consumer outcomes in relation to life insurance provided through superannuation, following the release of its report on progress in this area.
Its report, Insurance in...
Cost of Delivering Life Insurance Advice – Advisers Must Act
A new white paper commissioned by MLC Life Insurance has delivered a detailed and sobering assessment that contrasts the cost of delivering life insurance advice and the remuneration advisers receive.
While some of the headline...