Risk & Insurance

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

Risk & Insurance

Pandemic shifts insurance advice goalposts

Higher premiums, compliance hurdles and administration are making life difficult for insurance advisers, who are increasingly turning to their provider relationship managers for help to navigate product offerings.

Tahn SharpeFebruary 25, 2021

Risk & Insurance

Most advisers to be exempt from new claims handling AFSL rules

Confusion around new rules for claims handling – and misleading press coverage – has led many advisers to believe they need to apply for a new AFS licence. Association heads have confirmed Treasury is set to include an exemption for the "vast majority" of advisers.

Tahn SharpeDecember 1, 2020

Risk & Insurance

Insurance commissions should go: ALP

Shadow finance minister Stephen Jones said proving that a commission-based model can function without conflicts is an “enormous challenge”. While open to the findings of the 2021 insurance review, he made it clear the ALP has every intention of getting rid of commissions holus-bolus if elected in 2022.

Tahn SharpeOctober 15, 2020

Risk & Insurance

Regulator calls time on generous IP policies, penalties apply

APRA has brought forward its suite of changes designed to save the insurance industry after seeing another $1.4B loss since December 2019. Capital penalties will now apply for income protection policies that don’t meet its new sustainability standards, which could force risk advisers to rethink their approach.

Tahn SharpeOctober 1, 2020

Risk & Insurance

Funds lambasted by ASIC for marking members as default smokers

ASIC's Danielle Press said the funds that have remediated members have 'heeded' lessons from the royal commission. To date, the same can't be said for AMP, IOOF and Suncorp.

Tahn SharpeAugust 7, 2020

Risk & Insurance

ASIC deflects Trowbridge’s risk advice pay warning

The architect of the 2015 Life Insurance Review said the government’s failure to heed his warning on adviser remuneration has left riskies “unable” to service smaller clients. Most insurance is through super anyway, ASIC’s deputy chair responded.

Tahn SharpeJuly 30, 2020

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