Welcome to the Financial Services Bulletin (FSB) – February Edition, 2019

What's happening here and now

Winner Announced for the 2018 Scholarship

And the winner of the 2018 ALUCA TurksLegal Scholarship is…Evgeney Schkola, Case Manager, CommInsure!

3rd LIFT “Life Insurance Future Thinking” Roundtable event

The LIFT “Life Insurance Future Thinking” Roundtable event was held in Sydney highlighting ‘Mental Health: Working together to build better outcomes'

Industry News

Parliamentary Committee rejects Industry’s submissions to offer rehab

The industry’s proposal that life insurers should be permitted to have greater involvement in rehabilitation processes, so that sick and injured claimants can get back to work sooner was the subject of a report from the Parliamentary Joint Committee on Corporations and Financial Services on 20 September 2018

ASIC Report - Mandatory claims and disputes reporting - commissions set to stay a little longer

Life insurers are now required to report on claims and disputes data to APRA with the release of new compulsory standards

Product Design and Distribution Obligations Bill update

On 20 September 2018, the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Bill 2018 was referred by the Senate to the Economics Legislation Committee for inquiry. On 9 November 2018, the Committee released its report recommending the Bill be passed, with no changes suggested

Cases and Tribunal Decisions

TPD: Stage 1 in the post-Jones era

Newling v FSS Trustee Corporation (No 2) [2018] NSWSC 1405

Fraud - A Conscious Indifference to the Truth

Denise Finadri v Westpac Life Insurance Services Limited [2018] VCC 1636

Court Rules on Offset Provisions

Susan Buswell v TAL Life Limited [2018] NSWSC 1507 (10 October 2018)

Court Scrutinises Insurer’s Decision

Folmer v VicSuper Pty Ltd & Anor [2018] NSWSC 1503

Recent FOS & SCT Decisions

• Circumstantial Silence by Trustee Deemed Misleading and Deceptive Conduct
• Binding Death Benefit Nomination Deemed Valid Despite Allegation of Duress and Coercion

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