Risk Product, Company, and Regulatory Updates as at 9 August 2016

Company Updates

AZNGA buys another advisory firm
Subsidiary of AZ Next Generation Advisory (AZNGA), Wise Planners, is set to buy 100 per cent of Sydney firm, Domane Financial Advisers (DFA). The company has over $212 million in funds under advice. 

Elders adds another practice
Elders Financial Planning has added one more financial advice practice to its network, YOUFIN in Brisbane. This is the sixth practice added in the past six months. 

AMP launches risk-only financial adviser support site, discounts
AMP has set up a web portal for financial advisers on insurance, with tools and support. Features include client-goal matching tools, client alerts, and discounts. A five per cent policy-lifetime discount is available for customers buying AMP Elevate Life and TPD policies, and can be combined with life, total and permanent disability (TPD), and trauma when bundled with an eligible income protection policy. 

Regulatory Updates

ANZ in court for mis-selling
ANZ is in court after a New Zealand couple under a special-category visa were offered life insurance, and then had it subsequently cancelled after 10 years. This is due to definitions of 'permanent resident', which the couple are, but because of their visa type, they are not considered permanent residents under the policy. 

Court ruling removes TPD distinction in one case
A recent court case removed the distinction between 'unable' and 'unlikely ever' to return to work after an injury. The New South Wales court case (Shuetrim Case, 2016) determines that there is no difference in the terms, whereas previously it had been determined that 'unable' meant a 95 per cent chance of never working again, and 'unlikely ever' meant just a 50 per cent chance. 'Unlikely' now means a very high probability of a person never returning to work in their chosen field or another field based on their education, training, and experience.