Laws requiring annual advice fee statements passed in Parliament
01 March 2021
Legislation aimed at protecting Australians from hidden advice fees and unexpected expenses passed in Parliament last week...
Life Insurance
Adviser gave client ‘inappropriate’ life insurance advice: AFCA
01 March 2021
The Australian Financial Complaints Authority has ruled financial firm Your Super Life gave “inappropriate” advice when it recommended a client should set up a self-managed superannuation fund which would also look after his personal insurance needs...
Strong life earnings lift ClearView in December half
01 March 2021
ClearView Wealth has posted higher first-half earnings, driven partly by stronger results from its life business...
CountPlus says ‘clean’ model strategy paying off for advice arm
01 March 2021
Count Financial has posted a 74% rise in first-half earnings, a sign that the advisory practice is on the right growth path, according to CountPlus, which bought the business from Commonwealth Bank in 2019...
Challenger appoints Westpac high flyer as CFO
01 March 2021
Challenger has appointed Rachel Grimes as CFO, effective May 3, replacing Andrew Tobin who is stepping down after 13 years...
Super reforms Bill introduced in Parliament
22 February 2021
Legislation aimed at reforming the superannuation system and cutting out “unnecessary” insurance fees was introduced last week in Federal Parliament...
Insurer entitled to stop payments on 65th birthday: AFCA
22 February 2021
A man who lodged a successful accident and sickness claim launched a complaint when his insurer stopped paying benefits on the day he turned 65...
More advisers join Count Financial network
22 February 2021
Count Financial says three financial advice firms have joined its national network...
Applications open for AFA Foundation Grants Program
22 February 2021
The Association of Financial Advisers is seeking applications from its members to nominate a local charity to receive funding from its annual grant program...
PPS Mutual unveils income protection cover for new professionals
22 February 2021
Specialist life insurer PPS Mutual has introduced an income protection offering for newly qualified professionals such as doctors, lawyers and accountants...
COVID disruption sparks planners to make adjustments: survey
15 February 2021
Financial planners have responded to the business disruption arising from the pandemic by making changes to their risk advice operations, research house Investment Trends says in a new report...
TAL policyholder wins partial payout for depression claim
15 February 2021
The Australian Financial Complaints Authority has ruled a TAL customer who holds an income protection policy can only claim for a few months of benefit payment, rejecting his arguments that he was entitled to a bigger payout...
APRA outlines super work targets
15 February 2021
The Australian Prudential Regulation Authority is working towards publishing enhanced data on group insurance some time next year, Deputy Chairman Helen Rowell said in a speech...
ASIC imposes extra conditions on wealth firm to address lapses
15 February 2021
Additional licence conditions have been placed on Poynter Hargraves Financial Consultants after it was found to have poor risk controls around conflict management and other lapses, the Australian Securities and Investments Commission says...
Challenger books 10% rise in first-half life sales
15 February 2021
Investment group Challenger says total life sales in the December half rose 10% from a year earlier to $3.4 billion, illustrating the success of its revenue diversification strategy...
DII providers ‘most vulnerable’ to COVID fallout: APRA
08 February 2021
The Australian Prudential Regulation Authority warns the troubled individual disability income insurance product line faces possibly more losses in the coming months because of the COVID-19 pandemic fallout...
Advisers have ‘significant opportunity’ to rebuild: Oliver Wyman
08 February 2021
Consultancy Oliver Wyman has urged financial advisers to view the “evolving market structure” arising from increased regulatory scrutiny as a significant rebuilding opportunity for the industry...
TAL records highest premium inflows
08 February 2021
Market leader TAL enjoyed an annual 15.7% surge in risk premium inflows to $4.39 billion for the 12 months to September, giving it a 27.3% share of the overall business generated during the period, new figures from actuaries and researchers Plan for Life shows...
AM Best warns ‘fresh headwinds’ in store for NZ life insurers
08 February 2021
Increased regulations, competitive pressure and economic uncertainties created by COVID-19 have produced “fresh headwinds” for the New Zealand life insurance industry, AM Best warns in a new report...
FPA slams ‘unpredictable’ ASIC levy in budget submission
08 February 2021
The Financial Planning Association has called for a review of the levy funding model used by the corporate regulator to support its regulatory work...