Insurer to Pay $7 Million Penalty for Misleading Representations
General insurer Tower has been ordered to pay a $7 million penalty for misleading representations that resulted in more than $11 million in overcharges...
New Report on Financial Institutions’ Product and Services Reviews
The Financial Markets Authority has released a “thematic review” on how financial institutions, including 10 insurers, conduct reviews of existing products and services.
Executive Director,...
Aussie Risk Business Green Shoots, But Capacity Constraints Remain
There appear to be genuine signs of recovery in Australia’s retail life insurance sector according to industry specialist firm, NMG Consulting. But these green...
FMA Chair Temporarily Steps Aside
The Ministry of Business, Innovation and Employment says it has commenced an investigation “into matters that have been raised” about Financial Markets Authority Chair...
Caution on Over-Reliance on Automated Outputs
The FMA is cautioning advisers that research tools are most effective when used as part of a broader, holistic advice process.
In its latest Financial...
Warning of Structural Change in Life Sector
Advisers across the Tasman have been cautioned that the life and health insurance industry in Australia is facing structural change driven by mounting mental...
Your Say – Technicians and Trust
A hefty majority of advisers, it appears, disagree that in the new world of AI, advisers who rely on their technical expertise risk becoming...
Who is Paying Whom for Financial Advice?
GUEST COLUMNIST – TONY VIDLER
Who is paying whom for financial advice will become the biggest question in consumers' minds as the industry stakeholders continually...
Ageing Populations to Redefine Insurance – Swiss Re
Life insurance will need to evolve from income-replacement and family-oriented protection products to wealth planning and personal-care funding solutions, according to a new paper...