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.
ASIC presses super trustees to refund for higher default ‘smoker’ premiums
After an ASIC investigation, nine super After an ASIC investigation, nine super trustees have ceased charging new members life insurance premiums at higher smoker rates after labelling them as “smokers” by default.
Former FA gets prison sentence for operating Ponzi scheme
A former financial adviser (FA), cited for operating a “Ponzi scheme”, was on July 31 sentenced in the NSW District Court to six years’ in prison for misappropriating $1.86m of client funds.
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.
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