Risk Product, Company and Regulatory Updates as at 3 December 2018

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Product Updates

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BT policy waiver extended for Protection Plans
All policy fees for new Protection Plan customers will continue to be waived due to an extension of a promotion at BT. The only exclusion is where Income Protection is purchased on a stand-alone basis.

All waived policy fees are permanent for the life of each policy. The extension is anticipated to go for three months, but only applies to new applications using the new LifeCentral quoting tool.

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Company Updates

 TAL partners with NIB for health insurance
TAL and NIB are now offering TAL-branded health insurance products, with advisers able to refer clients for a five per cent discount.

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Regulatory Updates

FASEA recognition of prior learning update
FASEA has said in a Policy Statement its consideration for financial advisers who have studied for the Advanced diploma of Financial Planning would extend back to when the course was offered by the Financial Planning Association (FPA).

Existing advisers are eligible for exemptions to the eight-unit Graduate Diploma using Recognition of Prior Learning for the Advanced Diploma of Financial Planning awarded by the FPA. It won’t matter who the provider of the diploma was or the year it was completed.

CBA possible privacy breach investigation
The Commonwealth Bank is investigating a possible privacy breach regarding sensitive medical information of CommInsure claimants that may have been available to bank employees. No inappropriate conduct has been identified so far, with independent oversight sought by the bank. Sensitive information is now being restricted to a need-to-know basis.

Financial Circle AFS licence cancelled
ASIC has cancelled Financial Circle’s Australian Financial Services (AFS) and Australian Credit licence due to numerous breaches of financial services law and obligations, with engagement in unconscionable conduct and failing to act in its clients’ best interests. The company is also facing penalties of nearly $9 million plus ASIC’s costs.