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ASIC Warns: Time ‘Fast Running Out’ for Claims Handling Licence Applications
With fewer than 15 applications lodged to date, ASIC has called on insurance claims handling firms to lodge licence applications (new and varied) as soon as possible, and by no later than 7 May...
Poll Results – Claims Handling Services
Advisers appear to be evenly split when it comes to the results of our latest poll.
Considering the issue of whether claims handling activities should be brought under the umbrella of the definition of ‘financial...
AFA Advice on Removal of Claims Handling Exemption
The AFA does not believe that advice licensees will need to vary their licences under recent Royal Commission legislation on claims handling, and recommends its members do nothing for now.
In an alert to its...
AFS Licence for Claims Handling Services
ASIC released a draft information sheet at the end of last week which addresses the impending removal of the exemption of claims handling activities from the definition of 'financial service'.
The regulator has taken this...
FSC Supports Making Insurance Claims Handling a Financial Service
The Financial Services Council has gone on record in support of Recommendation 4.8 of the Banking Royal Commission which makes insurance claims handling a financial service.
The Recommendation says that: “The handling and settlement of...
11 Things Not to do When Handling Objections
There’s great wisdom in this article from Knowledgemaster’s Jim Prigg, borne of a lifetime career in the financial advice sector. The eleven things NOT to do when handling objections are universal truths for any...
Government Progressing Removal of Claims Handling Exemption
The Coalition Government has released a consultation paper on removing the exemption of insurance claims handling from the definition of ‘financial service’ under the Corporations Act.
In an update released by Treasurer, Josh Frydenberg at...
New Risk, Claims Advice Service Model Connecting the Dots
The growing role of general advice in delivering life insurance solutions is beginning to intersect with another emerging element of the risk advice market – specialist outsourced claims support.
That intersection is taking shape within...
Bombora Leaders Forum
Around 30 practice managers from firms operating under specialist risk advice licensee, Bombora Advice, gathered in Melbourne recently for the firm’s Practice Managers & Key Staff Forum, which included a strong focus on the...
Independent Review Calls for 85 Life Code Reforms
The independent review of the Life Insurance Code of Practice has recommended 85 changes to strengthen consumer protections.
Prepared by independent reviewer Peter Kell, he says the majority of the recommendations require changes to the...