Welcome to our first edition of the Life Insurance Bulletin for 2022.

There has certainly been a lot of activity since our last issue, with the FCA handing down some highly anticipated decisions in the life insurance space.

AFCA continues to loom large on the life insurance landscape with the FCA affirming its broad jurisdiction to deal with superannuation complaints. We break down the ins and outs of the reasoning behind this decision which has confirmed AFCA’s role as a ‘one stop shop’ for complaints of this nature.

The importance of clear communication with customers and early breach reporting remains in the spotlight as we take a look at the issue of misleading and deceptive conduct from the perspective of the recent FCA decision in Statewide as well as a determination by AFCA. Whilst the two had very different outcomes, each is a timely reminder of the need for Trustees and Insurers to keep a close eye on group and individual insurance arrangements to ensure that customers have accurate information about their cover and premiums.  

In other news, the FSC Standard No. 27 has commenced its 12 month transition period before it officially comes into effect on 1 January next year. No doubt already on the radar for those in group life insurance, we discuss the purpose, scope and potential ramifications of the Standard for Trustees and Insurers going forward.  

We also analyse a recent AFCA determination on up to date trauma definitions, a topic which remains very much in focus.  

A big thank you to our wonderful Turks life experts who have contributed to this edition of the Bulletin – please reach out with any questions and we hope you enjoy the read.