HCF Life fined $750k for misleading contract termBY KARREN VERGARA | FRIDAY, 9 MAY 2025 12:26PMHCF Life Insurance has been fined $750,000 by the Federal Court for misleading the public about a pre-existing condition term under its Recover products. Related News |
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John Burke
GLOBAL CHIEF EXECUTIVE OFFICER
BENNELONG FUNDS MANAGEMENT LTD
BENNELONG FUNDS MANAGEMENT LTD
Bennelong Funds Management is like a mainline into the jugular of Australia's financial advice sector, with more than 6500 advisers channelling capital to its funds. But its global chief executive John Burke says the job's not done yet. Andrew McKean writes.
The exclusion for unknown pre-existing conditions has been in contravention of the insurance contracts act for more than 35 years. The fact that a clause of this nature was applied to a life insurance policy should have resulted in a far more significant fine.