Risk & Insurance

Risk & Insurance

Insurance advice fee consent shelf life under a cloud

With little clarity on how Standard 4 of the Code of Ethics should be applied to insurance, confusion reigns about whether clients that have been transferred from one adviser to another still have a consensual agreement in place.

Tahn SharpeJuly 19, 2021

Risk & Insurance

7 reasons to keep life commissions: Metlife

Insurer Metlife has detailed some of the key repercussions involved in banning life insurance advice commissions, which it says will drive up costs and reduce access to quality advice.

Tahn SharpeJuly 8, 2021

Risk & Insurance

Life insurance just a ‘blip’, laments Clearview MD

Life insurance has, in a few short decades, gone from a pillar of society to a mere "blip" on the financial services radar, the managing director of ASX-listed Clearview, Simon Swanson, told the standing committee on economics.

Tahn SharpeJune 28, 2021

Risk & Insurance

AFCA sounds alarm on high insurance premiums

The complaints authority’s lead ombudsman says the life insurance industry is rapidly pricing itself out of consumers’ range and will encounter serious sustainability issues if it can’t harness innovation – just like the banks are facing with buy-now, pay later disruptors.

Tahn SharpeApril 26, 2021

Risk & Insurance

Government pulls LIF review from ASIC’s purview

The long-awaited Life Insurance Framework review will now be rolled into the Quality of Advice review, with ASIC being asked to hand over its research to Treasury. It’s “silly” to have two separate reviews into advice at the same time, minister Hume said.

Tahn SharpeApril 21, 2021

Risk & Insurance

Departing riskies face halved valuations by delaying book sales

Many insurance advisers are expected to leave the industry rather than sit and pass the adviser exam before the end of the year, but brokers report there are almost no risk books on the market. A flood of these businesses in the final quarter of the year could cut valuation multiples in half, they warn.

Tahn SharpeMarch 15, 2021

Risk & Insurance

Bert goes into bat for insurance commissions

Less than an hour after Labor’s Stephen Jones said insurance commissions were “a problem”, Liberal MP and ex-planner Bert van Manen called them a “perfectly valid form of remuneration”. Despite his endorsement, financial services minister Jane Hume says the government will also wait on the LIF review's findings before making a call on the issue.

Tahn SharpeMarch 3, 2021

Risk & Insurance

Jones doubles down on risk commissions ban stance

The shadow financial services minister reaffirmed his bias against insurance commissions and all but vowed to eliminate anything resembling conflicted remuneration out of the industry if Labor wins the next federal election.

Tahn SharpeMarch 2, 2021

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