AMP Life posts $21 million annual loss
17 February 2020
AMP’s life insurance business posted an operating loss of $21 million last year, weighed by changes to retirement income rules and structural challenges in the wealth protection industry...
Life Insurance
AMP faces new class action over life insurance advice
17 February 2020
Shine Lawyers plans a new class action against AMP Life, AMP Financial Planning and two of its subsidiaries, saying clients were slugged with excessive premiums and deserve to be compensated...
Trustees ‘falling short’ in explaining super reforms, says ASIC
17 February 2020
A number of fund trustees are failing to properly explain to members the changes in super laws that could affect their accounts, an Australian Securities and Investments Commission review says...
Freedom set for EGM to vote on liquidation
17 February 2020
Freedom Insurance Group will hold an extraordinary general meeting in Sydney on Friday where shareholders will vote on whether to liquidate the business...
Challenger surprises with resilient first half
17 February 2020
Shares in Challenger were the top performer on the ASX 200 index after it announced a solid first-half result despite a challenging environment...
S&P maintains AMP ratings despite large loss
17 February 2020
S&P has maintained AMP’s ratings and expects earnings at AMP Life, which posted a $21 million loss last year, to improve...
AFA opens 2020 grants program
17 February 2020
The Association of Financial Advisers has opened its 2020 Foundation Grants Program...
Actuaries working on reform for ailing disability income sector
10 February 2020
The Actuaries Institute expects to outline by September a range of critical reform proposals to save the loss-making $5 billion disability income insurance market...
AMP admits ‘letting customers down’ after $5 million fine
10 February 2020
AMP has apologised for “clearly unacceptable” conduct after the Federal Court last week fined it more than $5 million for insurance “rewriting”...
Lawyer warns of insurance trap for Australians tapping super early
10 February 2020
Drawing from superannuation balances early may wipe out insurance available via super funds, Australians are being warned...
Queensland adviser cops seven-year ban
10 February 2020
A Queensland-based financial adviser has been handed a seven-year ban for providing advice that put his commissions ahead of his clients’ best interests...
Synchron appoints new GM
10 February 2020
Synchron has appointed former CommInsure senior executive Ian Knight as GM Operations...
TAL reveals 2020 Risk Academy line-up
10 February 2020
Life insurer TAL has released the 2020 prospectus for its TAL Risk Academy adviser education program...
Gilling to head Pacific Life Re’s Client Solutions
10 February 2020
Pacific Life Re Australia has announced Martyn Gilling will head its Client Solutions, responsible for market strategy and sales and developing solutions for clients...
APRA ready to take more action on ‘unsustainable’ DII covers
03 February 2020
Life insurers could be hit with more penalties if they fail to “take the necessary actions” to improve the pricing and sustainability of individual disability income insurance products...
Colonial faces class action over insurance charges
03 February 2020
A class action has been filed over the cost of insurance selected for members of Colonial First State Investments Limited, the wealth management subsidiary of Commonwealth Bank of Australia...
ClearView drops agreed value income protection
03 February 2020
ClearView will stop selling agreed value income protection from next month and is repricing its products and reviewing claim assumptions after new business premiums dropped by more than a third in the six months to December 31...
MLC CEO David Hackett departs
03 February 2020
MLC Life Insurance says it is embarking on a global search for a new CEO after David Hackett resigned...
NSW adviser hit with four-year ban
03 February 2020
NSW-based financial adviser David O’Brien has been banned for four years over his alleged failure to act in his clients’ best interests...
ASIC takes TAL to court, claiming misconduct
03 February 2020
TAL faces possibly heavy financial penalties of up to $1.7 million over alleged misconduct involving its handling of an income protection claim...