Finally a statement from ISN which will improve outcomes for clients. The partner of a client of mine had a TPD claim from an industry super fund which would have been paid eventually if a RISK adviser had been handling the claim. It would have taken some time though. The lawyer knew this so went for the easiest option. He got the client to sign a statement saying the client would pay $44,000 if a claim payment was made and then settled with the insurer for $70k.
Lawyers must be forced to adhere to the Best Interests Duty in all cases but especially when dealing with financial products and claims
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