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Monday, February 17, 2020

Natural Disaster Training Course for Advisers

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Insurer TAL is launching a new course to help financial advisers support customers impacted by natural disasters. Run through TAL’s Risk Academy, the insurer says in a statement the course will focus on supporting customers...

Former Spectrum Wealth Chief Banned

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ASIC has banned former Spectrum Wealth Advisers director, Mark Schroeder, from providing financial services for six years. The regulator notes this ban relates to Schroeder’s role in "…numerous compliance failures by Spectrum Wealth Advisers Pty...

Institutions Pay $750m in Compensation For Financial Advice-Related Misconduct -ASIC

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Six of Australia's largest banking and financial services institutions paid or offered a total of $749.7 million in compensation, as at 31 December 2019, to customers who suffered loss or detriment because of non-compliant...

Annual Reviews Key to Client Retention and New Referrals – New Research

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Financial advisers looking to boost client retention and new client referrals should prioritise annual reviews, according to a report from insurer MetLife Australia. The insurer says in a statement that its MetLife Adviser-Client Relationship Report...

New Call For Reform of Disability Insurance Sector

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Australia’s $5 billion disability income insurance sector needs urgent reform, according to the Actuaries Institute, noting that failure to implement significant changes “...will reduce consumer access to affordable disability cover in the future”. The institute...

New Head of Client Solutions at Pacific Life Re Australia

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Pacific Life Re Australia has appointed Martyn Gilling to the role of Head of Client Solutions. The reinsurer says in a statement that Gilling will have responsibility for Pacific Life Re Australia’s market strategy and...

$5M Churning Penalty for AMP

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The Australian Federal Court has ordered AMP to pay a $5.175 million penalty after it found the insurer failed to take reasonable steps to prevent its advisers from churning life insurance policies. This action follows...

Adviser Education Initiative

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The Financial Planning Association of Australia has announced a partnership with Deakin Business School, which will allow financial planners to combine a Master of Financial Planning degree with the CFP Certification Programme. FPA Chief Executive...

Cancer Claims Data – Life Companies Pay $1.55 billion+ in June 2019 Year

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The Financial Services Council has released new life insurance claims data highlighting Australia’s 10 most claimed cancers, as World Cancer Day is acknowledged around the globe. In a statement FSC CEO Sally Loane says that...

ASIC Bans Queensland Adviser

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ASIC has banned Queensland-based financial adviser Timothy Shapter from providing financial services for a period of seven years, and cancelled the Australian financial services licence of Smart Solutions Group (Aust) Pty Ltd. A statement from...