New Zealand’s Financial Markets Authority (FMA) has filed court proceedings against Cigna over “indexation increases” the business applied to more than 52,000 life policyholders, causing them to pay $NZ13.5 million ($12.2 million) in additional premiums for the increased cover that…
The corporate regulator has found “indicators of significant compliance issues” over the way some superannuation trustees are managing their internal dispute resolution (IDR) schemes, potentially placing them in breach of rules that commenced last year. About 48% of complainants who…
The Albanese Government has outlined its plans for the financial advice sector, more than two months after taking office. Financial Services Minister Stephen Jones says he has asked Treasury to develop a consultation paper on options to streamline the education…
MLC Life Insurance has highlighted the need to ensure Australians have access to advice as the industry awaits the release of an interim paper from Quality of Advice independent reviewer Michelle Levy. “We must do what’s right for our customers…
Financial advisers and planners have voiced concerns about upcoming levy cost burdens after the Federal Government announced Treasury has commenced a review of the Australian Securities and Investments Commission (ASIC) industry funding model. The review of the industry funding model…
The Australian Financial Complaints Authority (AFCA) says the term “level” premium is confusing for life policyholders, leading many to believe the premiums they pay will not change. But that has not been the case in recent years as life insurers…
FSC names new directors 8 August 2022 The Financial Services Council (FSC) has announced the appointment of two new directors to its board. Insignia Financial CEO Renato Mota and UBS Asset Management Country Head for Australia and New Zealand Alison…
Zurich finalises OnePath life business transfer, integration 8 August 2022 Zurich Australia has finalised the transfer and integration of the life insurance business of OnePath Life, after submitting a Federal Court application for the arrangement. The insurer made the court…
Resolution Life deepens investment expertise with new recruits 8 August 2022 Resolution Life Australasia has made key appointments to its investment team. Matthew Coleman joins as Chapter Lead, Investment Management. He is an experienced investor with more than 20 years’…
ClearView has urged the industry to use the “power of storytelling” to highlight the value of life insurance advice to consumers, regulators and policymakers. The listed financial services company made the call as Treasury’s Quality of Advice Review prepares to…
