Group insurance still needs to improve

Superannuation trustees have started to make changes to better meet their members’ needs but some still need to improve their member communications and claims processes, which “is simply not good enough”, ASIC commissioner Danielle Press told the Australian Institute of Superannuation Trustees last week.

ASIC gives life insurers red tape relief

Life insurers can now reissue pre-design and distribution obligations (DDO) policies when reissuing polices in limited circumstances after ASIC provided conditional relief to ease their regulatory burden.

AMP’s earnings dive as class actions loom

AMP Ltd last Friday (July 31) provided an update on its 1H20 interim operating earnings, showing bruising effects from covid-19, including market volatility and a credit loss provision in AMP Bank.

ASIC reports 52% jump in FSRC actions

ASIC has reported a 52% increase in enforcement investigations, triggered by the financial services royal commission (FSRC), involving CBA, NAB, Westpac, ANZ and AMP, or their officers or subsidiary companies.