Risk Product, Company and Regulatory Updates as at 21 March 2017

Product Updates

AIA and SuperEd launch online tool
AIA Australia and SuperEd have joined forces to create a new online tool for super fund members, to be integrated into AIA's LIFEapp to give superannuation members information and help when making life insurance decisions. 

MLC accelerates underwriting process for retail-advised life policies
MLC has introduced a new tele-underwriting service to speed up retail-advised life insurance product underwriting. The new Fast Track service means advisers can now complete personal statements in full with clients in about 10 minutes, and the whole process is halved. An enhanced version of the Professionals Package for newly-qualified professionals is also launching that allows for an Agreed Value endorsement without financial information required at claim time. 

Company Updates

NAB FP launches uni scholarships and academic research program
NAB Financial Planning is launching an annual university scholarship program and funding for academic research. The NAB Future Planners Scholarship is to promote financial planning as a career path, increase diversity and improve professionalism. There are four partner universities on board, with more to come. Students undertaking a business-related bachelor degree majoring in financial planning are eligible for the 10 amounts of $5,000 offered towards financial planning studies, an invitation to a NAB FP Professional Development day,  and a mentorship with a senior NAB financial planner. $10,000 will be contributed towards academic research for the industry. 

Regulatory Updates

Wealth and Risk Management breaches
ASIC has commenced proceedings against Wealth and Risk Management Pty Ltd and related companies Yes FP Pty Ltd and Jeca Pty Ltd in relation to various allegations of breaches of the Corporations Act. This includes alleged breaches of best interest obligations. ASIC has alleged that company advisers have been providing conflicting advice, amongst many other breaches.