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Showing 1 - 10 of 100+ results for "Life insurance"

Super, ASIC beneficiaries of advice challenges: Hearing

JAMIE WILLIAMSON  |  FRIDAY, 30 JUL 2021
... issue," Jacobsen said. When the discussion turned to remuneration, committee deputy chair Andrew Leigh asked how life insurance commissions differ from other forms of conflicted remuneration. Jacobsen said insurance is a grudge purchase and when faced ...

New AIA advice unit names chief executive

KARREN VERGARA  |  FRIDAY, 30 JUL 2021
... Wellbeing will operate under a separate AFSL to AIA Australia, offering personal advice to customers of CBA with life insurance and wealth needs. Advice will be provided by salaried advisers and AIA will extend employment offers to some CFP employees. ...

AMP sued over corporate super misconduct

JAMIE WILLIAMSON  |  FRIDAY, 30 JUL 2021
... another announced in May in which ASIC alleges several AMP companies continued to charge financial advice fees and life insurance premiums to more than 2000 customers after they had passed away. AMP did have some reprieve earlier this month however ...

Commonwealth FP under review, partially offloaded

ANNABELLE DICKSON  |  WEDNESDAY, 28 JUL 2021
... subsidiary of the insurer. With the two entities already in partnership following AIA's purchase of CBA's life insurance arm, this marks an expansion of that relationship and includes an advice referral arrangement for life insurance to AIA. ...

Advice association shutters

ELIZABETH MCARTHUR  |  TUESDAY, 27 JUL 2021
... was 14. With a shrinking adviser base, further rationalisation must happen," he said. First formed in 2015 as the Life Insurance Customer Group, the group aimed to give life insurance advisers "a voice in the Life Insurance Framework debate". As part ...

ASIC consults on anti-hawking rules

KANIKA SOOD  |  THURSDAY, 22 JUL 2021
... ClearView. In 2019 it won a $700,000 penalty against CommInsure, after the firm plead guilty to 87 counts of unlawful life insurance hawking. In February 2018, an ASIC review of ClearView's sales calls found the insurer used unfair and high-pressure ...

UniSuper's O'Sullivan on what's next

KANIKA SOOD  |  MONDAY, 19 JUL 2021
... offer and staying away from mergers. O'Sullivan arrived at UniSuper in 2013, after a career that started as a life insurance actuary in his native country of Canada. He moved to Melbourne in 1990 for a consulting job with Towers Perrin. Later he ...

Allianz Retire+ chief steps down

ANNABELLE DICKSON  |  TUESDAY, 13 JUL 2021
Allianz Australia Life Insurance and Allianz Retire+ has announced the sudden departure of its chief executive Matthew Rady and appointed an interim replacement. Rady was first appointed in 2018 as the inaugural chief executive of Allianz Retire+ and ...

Insurers dodging Royal Commission reform

ELIZABETH MCARTHUR  |  MONDAY, 12 JUL 2021
... unsuitable add on insurance being sold to consumers. This extended to insurance within superannuation (including group life insurance). On 10 December2020, the government passed laws that introduced a deferred sales model with a four-day pause between ...

OnePath to remediate over pressure selling

ELIZABETH MCARTHUR  |  MONDAY, 12 JUL 2021
... due to poor telephone sales practices. Following an ASIC intervention and action, OnePath was found to have sold life insurance over the phone between 2010 and 2016 using pressure selling tactics. These tactics included promoting a deferral of the first ...
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