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 16 April 2019

  • BT Protection Plan changes

  • Freedom Insurance selling admin and advisory business, goal to close its doors

  • Integrity Life announces product enhancements

  • Asteron Life extends wholesale commission discount offer

  • BT’s Cancer Assistance Program results

  • Bridges to buy Bendigo and Adelaide Bank advice business

  • SMSF Advisers Network with additional licence conditions imposed

  • AMP FP new AFSL conditions imposed

  • Update on CBA’s AFSL conditions

  • Victims of financial misconduct to have greater supports

  • ASIC can now intervene on problematic financial products

  • FPA calls for ‘general advice’ term to be dumped

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Risk Product, Company and Regulatory Updates as at 2 April 2019

  • TAL introduces business underinsurance workshops

  • AMP removes leadership bonuses

  • MLC Life argues for life insurance commissions

  • Westpac exiting personal financial advice

  • FASEA adviser education update

  • Treasury pushing for standardised insurance definitions for group insurance, consultation open

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Risk Product, Company and Regulatory Updates as at 5 March 2019

  • Automated advice software developer opens Australian office

  • BT updates quoting and applications for risk, extends policy fee waiver offer

  • Suncorp sale to TAL finalised

  • Grandfathered commissions on last legs

  • AFSL approval data released by ASIC

  • APRA’s 2019 targets outlined

  • Labor wants to ban all life insurance commissions

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Risk Product, Company and Regulatory Updates as at 20 November 2018

  • ANZ releases new underwriting engine

  • TAL product updates

  • Zurich and Oxford join income protection study

  • ClearView launches LaVista Licensee Solutions

  • ASIC now able to hire outside the box

  • FSC issues revised code draft

  • FASEA still working on details of education standards framework

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Risk Product, Company and Regulatory Updates as at 6 November 2018

  • Tasplan appoints MetLife as group insurer

  • AMP risk business closed after sale

  • New life insurance reporting standards launched

  • ClearView upgrades LifeSolutions

  • Asteron Life product update

  • TAL Accelerated Protection upgrades

  • MLC offering 10 per cent premium discounts via digital underwriting platform

  • ASIC inviting consultation on proposed licensee competence requirements

  • AFA and FPA apply for Code Monitoring job

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Risk Product, Company and Regulatory Updates as at 23 October 2018

  • TAL adviser centre launch, minor changes to product structure and pricing

  • ASIC’s inspectors in big banks

  • CBA fees for no service EU update

  • Raiz Invest and Swiss Re partner up to launch group insurance products

  • Electronic advice register launch

  • BT updates quote and application software, announces policy fee waiver

  • Corporations Act sections of FASEA exams to be open book

  • Banks removing trail commissions and grandfathered payments

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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 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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