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iExtend obtains licence to provide life services

iExtend has been granted a financial services licence by the Australian Securities and Investments Commission.

The company previously entered into a court-enforceable undertaking with ASIC after it was found to have provided life insurance services without a licence.

The undertaking required iExtend to apply for a licence to issue financial products, to provide general advice and to provide claims handling and settling services.

“iExtend is pleased to accept the certainty provided by the issue of an Australian Financial Services Licence, the result of a consultative process between ASIC and iExtend,” CEO David Sarkis said.

The company, launched in 2022, owns part interests in eligible policyholders’ term life covers, and pays all premium on the ‘co-owned’ portion. When a benefit payout is made, the business shares it with the nominated beneficiaries or estate.

iExtend’s offer is available only through financial advisers.