Risk Product, Company and Regulatory Updates as at 22 November

Company Updates

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Victoria practice acquired by AZ NGA
AZ Next Generation Advisory has acquired Victoria-based Dunsford Financial Planning (DFP), adding to their growing business. 

AMP LIF hub boosted
AMP has launched a series of eight video tutorials and practice diagnostic tools to help advisers in assessing and managing their Life Insurance Framework (LIF) obligations. The tutorials focus on practice management and aim to help advisers work through revenue and pricing model considerations to target value and market propositions.

ANZ LIF hub launched
ANZ Wealth has launched a hub to provide details for advisers on how clawback commissions and policy costs will be handled under the Life Insurance Framework (LIF). The hub will also provide guidelines on how OneCare commissions are paid after the LIF reforms take effect on 1 January 2018.

BGL life insurance solution enhanced
BGL Corporate Solutions has appointed Australian Group Insurance (AGI) to provide life insurance quotes, and AIA Australia as underwriter.

Tower acquisition dropped by Suncorp
Vero Insurance has abandoned efforts to acquire Tower Limited. Vero has also ceased its High Court appeal against the New Zealand Commerce Commission's decision to veto the merge. The merger would have removed Tower, IAG and Vero’s only independent competitor.

Regulatory Updates

ASIC accepts NAB and ANZ enforceable undertakings
ANZ and NAB have entered into enforceable undertaking with ASIC in relation to both banks' bill trading business and their participation in setting the Bank Bill Swap Rate.