insuranceNEWS.com.au - Life Insurance

Insurer wins dispute over mental health misrepresentation

Mon, 04 Dec 2023 03:07:12 GMT

A complainant who was on anti-depressant medication but failed to provide the information when asked about her history of mental health in her life insurance application form has lost her dispute with the insurer...

Advice firm fined $100,000 for false details

Mon, 04 Dec 2023 03:05:53 GMT

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

Mon, 04 Dec 2023 03:05:08 GMT

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

Mon, 04 Dec 2023 03:04:04 GMT

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...

TAL’s Brett Clark to chair education not-for-profit

Mon, 04 Dec 2023 03:02:39 GMT

Education not-for-profit Australian Business Community Network has appointed TAL Group CEO and MD Brett Clark as Chair, replacing Hall & Wilcox Managing Partner Tony Macvean...

Treasury consults on use of genetic testing results in life underwriting

Mon, 27 Nov 2023 02:03:06 GMT

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...

Jones says Government wants ‘meaningful’ advice reforms

Mon, 27 Nov 2023 02:01:11 GMT

The Federal Government is committed to reforms that will lead to “meaningful” changes for the advice industry and consumers, Financial Services Minister Stephen Jones said...

ASIC accepts enforceable undertaking from unlicensed iExtend

Mon, 27 Nov 2023 02:00:07 GMT

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

Mon, 27 Nov 2023 01:58:55 GMT

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

Mon, 27 Nov 2023 01:58:08 GMT

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...

Projected rise in adviser numbers not enough to avert looming shortfall

Mon, 27 Nov 2023 01:53:08 GMT

Australia still faces a shortage of financial advisers even as recent declines in numbers appear to have plateaued, Rainmaker Information says in a new report...

AMP announces $100 million class action settlement

Mon, 27 Nov 2023 01:52:21 GMT

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...

MLC Life announces additions to distribution team

Mon, 27 Nov 2023 01:51:22 GMT

MLC Life has announced three new business development manager appointments to its Northern Region Retail Distributions team...

FAAA names excellence awards winners

Mon, 27 Nov 2023 01:50:35 GMT

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...

Adviser reaction mixed as Treasury consults on QAR reforms

Mon, 20 Nov 2023 02:27:15 GMT

Reactions from advisers have been mixed after Treasury launched draft legislation to implement the first phase of its response to the Quality of Advice Review final report’s recommendations...

Still room for improvement after life complaints drop: AFCA

Mon, 20 Nov 2023 02:26:07 GMT

The Australian Financial Complaints Authority is encouraged by the decline in life insurance disputes, which fell 24% to 1898 in the last financial year and accounted for 2% of overall cases lodged with the ombudsman...

Asteron Life appoints adviser distribution national manager

Mon, 20 Nov 2023 02:25:47 GMT

Asteron Life has appointed Kirsten Young as National Manager Adviser Distribution, following a review of the Suncorp-owned New Zealand life insurer’s management structure...

TAL pays record claims

Mon, 20 Nov 2023 02:25:06 GMT

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...

FAAA launches one-stop career portal

Mon, 20 Nov 2023 01:33:14 GMT

The Financial Advice Association Australia has launched a one-stop career planning portal for the profession...

ASIC cuts adviser levy from earlier estimates

Mon, 13 Nov 2023 02:57:51 GMT

The Australian Securities and Investments Commission has finalised the funding levy that advisers will pay for the 2022/23 financial year...