Risk Product, Company and Regulatory Updates as at 10 October 2017

Product Updates

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MetLife claims tracker launch
MetLife has launched a new digital claims tracking service for the members of group life schemes, already having signed a superannuation fund to this service. The service is available on tablet, mobile device, and desktop, and can connect directly to MetLife’s claims system.

AIA policy fee updates
AIA Australia has updated the policy fee for its Priority Protection for Platform Investors and Priority Protection product range as of 1 October. The policy fees are adjusted in line with the Consumer Price Index. The new fees will apply to new businesses as of 1 October and existing policyholders after their next policy anniversary.

MLC fixes premiums
MLC Life Insurance has put its base premium rates for retail life insurance policies on hold until October 2018. MLC Insurance, Protectionfirst, Life Cover super, MLC Insurance Super and Personal Protection Portfolio retail customers will be affected. This guarantee will extend to future premiums payable for new customers.

Company Updates

TAL offers standards course
TAL has expanded its adviser education to include a course to help preparedness for business changes under the professional standards legislation and Life Insurance Framework. The course will be offered through TAL’s Risk Academy, which is a one-hour course.

BT Financial merges
BT Financial Group has merged its private wealth and financial advice divisions, removing the role of general manager of advice. BTFG’s existing private wealth and client-facing advice businesses will work together as the Advice and Private Wealth division.

Research house partners with advice group
Lonsec has partnered with Synchron to provide Lonsec’s full range of financial product research and specialised investment consulting services.

AMP launches mental health training
AMP has launched an updated mental health training program for AMP advisers and staff. This new program has been developed in conjunction with the mental health research organisation Black Dog Institute.

Regulatory Updates

CBA proceedings filed in Federal Court
The proceedings for the class action against the Commonwealth Bank have been filed in the Federal Court after the funding was confirmed.