Brought to you by:
Home / Life Insurance

Life Insurance

Advice firm fined $100,000 for false details 

04 December 2023

Fong Financial Planners has been convicted and fined $100,000 in the District Court of Western Australia on three counts of dishonest conduct that put their clients’ life insurance coverage at risk...

NZ life advisory firm’s licence cancelled 

04 December 2023

New Zealand regulator The Financial Markets Authority has cancelled the licence of Foundation Advice after the business went into liquidation in October at the order of the High Court...

Fees for no service: OnePath Custodians penalised $5 million  

04 December 2023

Superannuation trustee OnePath Custodians has been penalised $5 million for making false or misleading representations to members about its right to continue charging them fees, in civil penalty proceedings launched in 2021 by the Australian Securities and Investments Commission...

Treasury consults on use of genetic testing results in life underwriting 

27 November 2023

Treasury has released a consultation paper on the life industry’s stance on genetic testing, in response to growing concerns the present setup discourages Australians from undertaking potentially life-saving tests to avoid hurting their chances of securing affordable insurance...

ASIC accepts enforceable undertaking from unlicensed iExtend 

27 November 2023

iExtend Holdings and its subsidiary iExi have entered into a court enforceable undertaking with the corporate regulator after the businesses were found to have provided life insurance services without an Australian financial services licence...

WT acquires Millennium3  

27 November 2023

WT Financial Group is acquiring Millennium3 Financial Services, a financial advice network with more than 140 wealth and personal risk insurance advisers operating in more than 75 privately-owned practices across the country...

Mercer penalised $12 million for breaches 

27 November 2023

The Federal Court has fined Mercer Financial Advice $12 million for wrongfully charging clients fees for services they did not receive and other breaches, including failure to provide fee disclosure statements...

AMP announces $100 million class action settlement 

27 November 2023

AMP will settle a class action lodged by its financial advisers for $100 million after the Federal Court ruled against the business in July, and the two sides agreed to engage in mediation...

FAAA names excellence awards winners 

27 November 2023

The Financial Advice Association Australia has named the winners of its inaugural excellence awards, launched after the peak body was created this year from the merger of the Association of Financial Advisers and Financial Planning Association...

TAL pays record claims 

20 November 2023

Life insurer TAL says it paid $2 billion in claims during the six months to September, a record for a half-year period in its history...