{"id":42250,"date":"2018-09-18T18:01:49","date_gmt":"2018-09-18T08:01:49","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=42250"},"modified":"2018-09-19T07:56:13","modified_gmt":"2018-09-18T21:56:13","slug":"clearview-clarifies-insurance-differences","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2018\/09\/18\/clearview-clarifies-insurance-differences\/","title":{"rendered":"ClearView Clarifies Royal Commission Testimony"},"content":{"rendered":"

ClearView Life has written to financial advisers explaining that its recent testimony at the Banking Royal Commission applied to a closed direct life business and provided them with a form letter for clients highlighting the difference with advised retail insurance.<\/p>\n

\"\"<\/a>
ClearView MD, Simon Swanson<\/figcaption><\/figure>\n

The note to advisers, signed by ClearView Managing Director, Simon Swanson<\/strong> apologised for any concerns the testimony of ClearView Chief Actuary and Risk Officer, Greg Martin<\/strong> may have caused for advisers. It also stated the insurer has been working with ASIC to compensate direct insurance customers who may have experienced unfair sales practices between 1 January 2014 and 30 June 2017.<\/p>\n

At the hearings, Martin conceded that ClearView\u2019s direct life insurance business may have breached the anti-hawking provisions of the Corporations Act on more than 300,000 occasions, driven by inappropriate commission structures and sales cultures (see: ClearView Admits to 300,000 Breaches of Anti-Hawking Regulations<\/a>).<\/p>\n

In the note, Swanson said, \u201cWe understand that many of your clients may be concerned following this negative press especially if they hold a ClearView product,\u201d adding the templated letter may assist advisers communicating with clients that held a ClearView advised product.<\/p>\n

\u201cWe understand that many of your clients may be concerned following this negative press…”<\/h6>\n

The letter to clients stated the direct life insurance business closed in mid-2017 and the client\u2019s adviser \u201c\u2026have never had anything to do with ClearView Direct business…which was a very small part of the broader ClearView group\u201d.<\/p>\n

Further distinction was made between the direct life insurance business and the service provided by advisers with the latter stating the former sold products over the phone, under a general advice model while advised clients \u201c\u2026receive quality professional advice that\u2019s designed to meet your unique needs and assist them in achieving their goals\u201d.<\/p>\n

Earlier this year, ASIC required ClearView to refund $1.5 million to 16,000 customers after the regulator found it had used unfair and high pressure sales practices when selling products directly to consumers (see:\u00a0ClearView to Pay $1.5M for Poor Direct Life Sales Tactics<\/a>).<\/p>\n","protected":false},"excerpt":{"rendered":"

ClearView Life has written to financial advisers explaining that its recent testimony at the Banking Royal Commission applied to a closed direct life business and provided them with a form letter for clients highlighting the difference with advised retail insurance.<\/p>\n","protected":false},"author":3,"featured_media":42292,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,8,4,5],"tags":[4247],"class_list":["post-42250","post","type-post","status-publish","format-standard","has-post-thumbnail","category-company-news","category-compliance-regulation","category-products","category-services","tag-feature"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/42250","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=42250"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/42250\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/42292"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=42250"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=42250"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=42250"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}