Risk Product, Company, and Regulatory Updates as at 26 July 2016

Product Updates

MLC updates retail risk PDS, no insurance changes
MLC's latest product disclosure statement (PDS) update reflects the Successor Fund Transfer (SFT) of the fund in which MLC Insurance (Super) is held. This SFT also applies to all super insurance business previously held in MLC's Universal Super Scheme. The new fund will be named the MLC Super Fund. The insurance details set out in the PDS remain unchanged. 

ANZ offering wearable fitness devices with OneCare policies with Child Cover
Each policy owner and child aged between 13 and 15 covered under ANZ Wealth's OneCare policies is eligible to receive a wearable fitness device, the Fitbit Alta. The promotion ends at 31 August and policies must come into force before 31 October. 

Asteron updates adviser guide, solidifies recent changes
As of 15 July 2016 the Asteron Life Complete Adviser Guide came into effect. Key updates include: 

  • Increased hybrid commission
  • Customisable commission rates and premium discounts
  • 15 per cent discount on wholesale premiums
  • Adviser Service Fee facility

Company Updates

AIA's self-service portal launch
AIA Australia's new web portal for advisers is proving useful in reducing administrative headaches regarding insurance processes. Changes to names, addresses and bank details can be done directly with AIA Australia, in the person's policy. This removes duplication of tasks, and helps reduce errors. 

Regulatory Updates

AFA membership leap over past two years
The Association of Financial Advisers (AFA) has seen a surge in popularity over the past two years, with a 60 per cent increase in membership numbers observed. There are now more than 3,500 AFA members. 

Edwards Benefits Advisors AFSL cancelled
ASIC has cancelled the Australian financial services licence of Edwards Benefits Advisors after the company directors failed to comply with key obligations, including lodging financial statements.