Risk Product, Company and Regulatory Updates as at 28 May 2019

Risk Product, Company and Regulatory Updates as at 28 May 2019
  • AIA product and service enhancements

  • Zurich opens self-service life, super and investment portal, life risk update

  • OnePath updates PDS and adviser guide

  • ANZ abandons Prime Access

  • YBR restructuring wealth arm, losing CEO

  • FASEA exam dates set for June, deadline missed for education approvals

  • ASIC seeks feedback on complaints handling

  • Kaplan Professional brings in Deloitte for FASEA bridging courses

  • AMP admits churning, ASIC seeking civil penalties

  • AFA and FPA band together for risk commissions

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Risk Product, Company and Regulatory Updates as at 14 May 2019

Risk Product, Company and Regulatory Updates as at 14 May 2019
  • AIA Australia discounts lump sum policies

  • OnePath announces adviser portal improvements

  • Integrity Life announces product enhancements

  • Asteron Life exiting stage left

  • Life Code Compliance Committee (LCCC): still work to do

  • Australasia Wealth Services and Management licence suspended

  • Westpac paying back over 30 per cent of fees-for-no-service

  • APRA sends letter, demands action from disability income providers

  • FSC says no to civil penalties for voluntary industry code

  • Adviser AFS licences revoked due to dual authorisation with other licensee

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Risk Product, Company and Regulatory Updates as at 18 September 2018

  • AMP updates medical definitions

  • AIA Australia two year policy fee waiver offer

  • OnePath premium waivers for drought-affected farmers

  • New fintech to replace paraplanners launched

  • Junior financial adviser roles at BT to go, advice restructure

  • Morgan Stanley false claims of independence

  • ASIC commences proceedings against NULIS and MLC

  • AFCA complaints resolution rules, independent assessor terms approved

  • FASEA shutting down so-called FASEA-approved courses

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Risk Product, Company and Regulatory Updates as at 8 August 2018

  • AIA Australia increasing discounts

  • TAL-owned Affinia extends advice offering into licensee services

  • Level premium policy replacement at BT

  • Media Super reappoints Hannover Life Re, drops premiums

  • FSC code of practice to cover super trustees too

  • Digital advice company and retiree advice platform merge

  • MLC to refund $65m, NULIS before royal commission

  • ASIC announces professional standards reform for advisers

  • AMP fast-forwards advice remediation

  • Advisory businesses to be publicly rated

  • NAB slammed at Royal Commission for 'hopelessly conflicted' compensation situation

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Risk Product, Company and Regulatory Updates as at 18 April 2018

  • TAL offers life coaching for those with mental illness

  • CommInsure enhances digital underwriting

  • Adviser education course launched by Asteron

  • AIA pushes for insurers to fund mental health treatment

  • MLC launched new underwriting engine

  • Predictive underwriting offered to tradies by ANZ

  • Commonwealth partners with Bravura

  • CBA enters into undertaking

  • Trustee Partners acquires advice group

  • AMP admits serious misconducts

  • AMP admits serious misconduct, misleading ASIC

  • CBA and subsidiaries enter into EU with ASIC

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Risk Product, Company and Regulatory Updates as at 4 April 2018

  • CommInsure to rollout new underwriting engine and IP premium increase
  • Fee waiver campaign extended by AIA
  • Life Super Quotes Service launched by Riskinfo, RiskinfoNZ launched
    New practice management platform flagged by AMP
  • New super fund addresses Australian account erosion
  • Adviser builds new practice
  • SMSF admin business sold by OneVue
  • CBA to potentially sell Indonesian life business
  • Lifecycle default option launched by Industry fund
  • TAL to refund funeral insurance customers
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Risk Product, Company and Regulatory Updates as at 20 February 2018

  • AustralianSuper cuts premiums
  • AMP discounts healthy clients
  • AIA pain education program
  • ANZ upgrade discount offer
  • ClearView flat fee offer
  • Melbourne financial businesses fined
  • New chair appointed to life code compliance committee
  • ClearView refunds poor sales practices
  • CBA puts away money for regulatory costs
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Risk Product, Company and Regulatory Updates as at 6 February 2018

  • AIA Australia's cancer wellness program launched, policy fees waived
  • MBS Insurance joint venture
  • Advice firm offers life insurance
  • Online Australian consumer brand offering life insurance
  • Global alliance formed by insurtech associations
  • OnePath Life purchased by Zurich
  • Integrity Life moves into retail
  • Electronic medical certificates adopted by BT
  • Medical specialist board created by TAL
  • Commonwealth Bank planning licence conditions update
  • Propositions to give ASIC power to ban products
  • ASIC reviews insurance advice
  • FSC requiring three insurers on APLs
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Risk Product, Company and Regulatory Updates as at 21 October 2017

  • CommInsure starts new annuity strategy
  • MLC Life adjusts health and wellbeing program
  • ANZ Wealth continuing to invest in insurance
  • New claims advocacy service launched by AFRM
  • Charitable option launched by AIA Vitality
  • BTFG reorganises advice business
  • Westpac faces Class Action over premiums
  • ASIC enforceable undertaking from Sentinel
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Risk Product, Company and Regulatory Updates as at 4 September 2017

  • CommInsure new platinum IP option
  • AMP confirms closure of range
  • AustralianSuper under-25’s default cover dropped
  • Advisers provided with cancer education by TAL
  • Influential advice business bought buy Infocus
  • AIA to buy CommInsure
  • AMP launches resource hub
  • TAL offers policy fee waiver
  • Digital claims tracker launched by MetLife
  • WTW start-up chatbot launched
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Risk Product, Company and Regulatory Updates as at 8 August

  • AIA expands health insurance and announces price changes
  • CBA blames software error for notification failure
  • MLC Life launches new platform
  • SQM launching low-cost adviser platform
  • ANZ starts wellness program trial
  • QBE refunds add-on insurance premiums
  • Group life insurance opt-out to be simplified
  • APRA claims data to be made public
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Risk Product, Company and Regulatory Updates as at 10 July 2017

  • Easton to acquire advice group
  • AIA launches health website
  • Fortnum partnering with fintech company
  • Optimo launches automated advice platform
  • MLC partners on underwriting solution
  • FSC finalised trauma definition
  • ASIC further clarifies use of 'independent'
  • Call for commission ban
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Risk People as at 27 June 2017

  • MLC appoints chief claims officer
  • AIA restructures executive team
  • ANZ announces chief underwriter
  • SCOR appoints heads for Australian office
  • AFA executive appointed to standards board
  • Risk Adviser announces Women in Finance Awards
  • Gwen Fletcher Memorial Award winner announced
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Risk Product, Company and Regulatory Updates as at 10 June 2017

  • Zurich updates life insurance suite
  • AMP improves adviser platform
  • MLC partners with international claims manager
  • AIA Australia pilot phase for new health insurance brand commences
  • Prime Financial buys another practice
  • Link Group buys automated advice company
  • New online platform for underwriting agencies and insurers
  • New international certification for life insurance and annuity professionals
  • ASIC releases commission caps and clawback instrument
  • Investment Advisers Alliance AFS licence cancelled
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