Note from the Editor - April 2021
- Published 08.04.2021
AFCA upholds trustee’s decision to distribute death benefit to de facto partner over competing claims
- Published 08.04.2021
Key Takeaways
ASIC plans to extend its consumer remediation guidance to all AFS licensees
- Published 08.04.2021
On 3 December 2020, ASIC published a first round Consultation Paper 335 ‘Consumer Remediation: Update to RG 256’ inviting feedback from the industry on its plans to update its 2016 Regulatory Guide 256 ‘Client review and remediation conducted by advice licensees’.
AFCA interprets ‘usual occupation’ to include two unrelated occupations for the purposes of assessing income protection benefits
- Published 08.04.2021
AFCA Determination 717312
Key Takeaways
Default group life insurance and member value for money – Key findings in ASIC Report 675
- Published 08.04.2021
ASIC Report 675 Default insurance in superannuation: Member value for money shares insights from ASIC’s work on measuring the value of default insurance in superannuation.
NSWCA confirms flexible approach to TPD qualifying periods based on wording of TPD definition
- Published 08.04.2021
Key Takeaways
Sustainability of Insurance in Superannuation…APRA warns group insurance players
- Published 08.04.2021
HCA delivers key decision – financial product advice given to fund members was personal advice under the Corporations Act
- Published 08.04.2021
Key Takeaways
APRA progresses Prudential Standard 250 governing insurance in superannuation
- Published 08.04.2021
In January this year, the Australian Prudential Regulation Authority (APRA) commenced its second round of consultations on revisions to Prudential Standard SPS 250 Insurance in Superannuation (SPS 250).
FCA sets out road map for utmost good faith compliance in non-disclosure/misrepresentation investigations
- Published 08.04.2021
Key Takeaways
In what appears to be a first for an Australian court, the FCA has focused on the life insurer’s procedure surrounding an avoidance of a life policy under Part IV, Division 3 of the Insurance Contracts Act 1984 (the ICA).