Risk Product, Company and Regulatory Updates as at 20 August 2019

Risk Product, Company and Regulatory Updates as at 20 August 2019
  • OnePath OneView Life update

  • AMP FPA to contest changes to AMP’s Buyer of Last Resort terms

  • CBA closing Financial Wisdom

  • AMP revises agreement with Resolution Life for sale of AMP Life

  • MLC Wealth restructure

  • MBS Insurance and Complete Risk Analysis to merge

  • APRA fines Westpac for reporting obligation breaches

  • FASEA exam update

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Risk Product, Company and Regulatory Updates as at 23 July 2019

Risk Product, Company and Regulatory Updates as at 23 July 2019
  • Integrity Life wins digital design award

  • AFA launches paraplanner community

  • Golden Financial Group AFSL cancelled

  • OnePath penalised for failing to stop selling non-compliant product

  • ASIC seeks ban on direct life insurance sales

  • APRA criticised in new report

  • ASIC seeks ban on direct life insurance sales

  • FASEA to partially recognise accountant qualification

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Risk Product, Company and Regulatory Updates as at 9 July 2019

Risk Product, Company and Regulatory Updates as at 9 July 2019
  • NEOS Life enhances risk-only superannuation product

  • AMP adds functionality to My AMP

  • OnePath updates trauma definitions, underwriting engine

  • MLC Super changing TPD claim assessments for Any Occupation

  • First FASEA exams completed

  • APRA: financial institutions to register an ‘accountable person’

  • AWSM has AFSL cancelled

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Risk Product, Company and Regulatory Updates as at 25 June 2019

Risk Product, Company and Regulatory Updates as at 25 June 2019
  • OnePath trauma definition update

  • Zurich launches wellness program

  • AFA and MetLife launch grant program for female advisers

  • FASEA approves diplomas, bridging programs

  • CFP completes EU

  • ASIC approves AFCA rules for small businesses and consumers for old complaints

  • Update on AFA and FPA task force

  • Guarded loses key person and then AFSL

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Risk Product, Company and Regulatory Updates as at 11 June 2019

Risk Product, Company and Regulatory Updates as at 11 June 2019
  • TAL launches Health Sense Plus

  • ClearView publishes research paper on commissions

  • Zurich is now the proud owner of OnePath Life

  • Spectrum Wealth Advisers closes its doors early

  • OnePath educates staff in mental health

  • FPA launches free health and wellbeing program for advisers

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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 4 September 2018

  • Yellow Brick Road rejects takeover bid

  • TAL launches youth mental health initiative, waives premiums for farmers

  • BT guaranteeing premium rates for two years

  • MetLife launches digital claims platform with industry super fund

  • OneCare insurance suite added to HUB24

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Risk Product, Company and Regulatory Updates as at 1 May 2018

  • AMP adjusts product prices

  • ANZ OnePath adviser portal enhanced

  • Freedom to acquire life business

  • Boutique wealth manager signs to insurance offering

  • ASIC banning power increased

  • First Super supports action against AMP board

  • Class action against AMP to be investigated

  • AMP and banks advice failings may result in criminal charges

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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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Fund Product, Company and Regulatory Updates as at 27 March 2018

  • CommInsure launches super funds digital claims

  • Evolutionary science inspires new managed investment fund

  • Zurich retains OnePath brand and hires specialist

  • New boutique launched by LSL

  • Former Hunter Hall portfolio manager launches new business

  • Asset managers urged to adopt code of conduct

  • Fidante partners with Latigo Partners

  • ASIC extends superannuation and retirement calculator transition period

  • ASIC suspends Red Summit AFS licence

  • Storm Financial directors penalised

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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 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 18 April 2017

  • Asteron Life product update
  • AMP updates prices for Elevate, AMP FLP, National Mutual, ACL, Elevate product groups
  • FPA announces alliance to get more women into finance
  • OnePath is for sale, sort of
  • Coles exits life market
  • Fiducian expands advice business
  • FSC releases draft standard for APLs (and Strategic Insight provides Life Insurance approved product list research)
  • ASIC considers peer-reviewed bannings for adviser misconduct
  • ASIC scrutinising direct sales tactics
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