Fund Company, Product and Regulatory Updates as at 16 January 2018

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Product Updates
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New ETF supporting workplace gender equality
UBS has launched the Global Gender Equality UCITS exchange traded fund (ETF) to support companies actively progressing workplace gender equality. The new product will invest in the Solactive Equileap Global Gender Equality 100 Index.

AustralianSuper removes insurance from product offering
Default life insurance has been removed from AustralianSuper’s new short-term employee superannuation product. The product, Super Only, will allow members to access life insurance through AustralianSuper if they want, however it is not automatically added like in other longer-term super products. 

Company Updates
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MTAA Super cuts life premiums and renews insurer
MTAA Super renewed its partnership with MetLife to June 2020. Default insurance premiums for members 16-21-years-old dropped from $4.82 per week to $2.89 per week, effective 28 October 2017. Life and TPD premiums dropped by 21 per cent on average for all members.

Japanese broker enters Australian market
Japanese online broking platform Monex has entered the Australian self-managed superannuation fund and financial adviser markets. The Australian arm of the company, Monex Securities Australia, will attempt to fill gaps in international equities in Australian investor portfolios. Rates to trade in US markets start from US$9.99, with access available to the United States, Hong Kong, Japan, and Asian markets. Some Chinese (including Shanghai and Shenzhen exchanges) listed stocks are also accessible. 

Regulatory Updates
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CommInsure pays after concerns raised over misleading advertising
CommInsure will pay $300,000 to a consumer advice service after ASIC raised concerns over certain life insurance advertisements. ASIC’s investigation began in April 2016 and reviewed CommInsure’s Total Care Plan and Simple Life Insurance advertising from mid-2013 to March 2016, which was found to contain misleading and deceptive statements found online regarding the extent of cover entitlements for heart attack trauma claims. The statements lead consumers to believe that if they suffered a heart attack, they would be entitled to a lump sum payment, however this only applies in certain types of heart attacks when certain medical criteria are met.