BT Financial expands life insurance APL
Having confidence that advisers are supported in meeting best interests duty is the focus behind BT Financial Group (BTFG) expanding its life insurance approved product list (APL), according to firm.
Westpac Life is the only insurer on the firm's APL, but BTFG expects there to be a minimum of three insurers by March 2018.
“Over the past four years every adviser request to use an insurance product not on the APL was approved,” said general manager advice and private wealth, Jane Watts.
“We will be going through a rigorous selection process supported by independent input to make sure the insurance options on our APL meet the demands we expect around the quality of product we recommend to our clients.
“We are doing this methodically to ensure we get great quality additional cover on our APL and we will take the time to make sure our advisers are highly trained in them.”
BTFG also confirmed its intention to minimise the approval of a policy for an insurer off its APL from two days to one.
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Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
