ASIC flags life/risk advice surveillance
The Australian Securities and Investments Commission (ASIC) has flagged its intention to conduct a surveillance of life/risk advice as part of its broader work on the Life Insurance Framework review.
ASIC commissioner, Danielle Press flagged the surveillance in an address to the National Insurance Brokers Association today noting that ASIC would be looking at “representative and random samples of life insurance advice”.
Press told the forum that since January, last year, ASIC had been collecting aggregate level data from life insurers every six months to assist with its 2021 LIF review.
“We are currently analysing the data collected to date, though it is still too early to comment on any real trends that may be attributed to the reforms,” she said. “In undertaking the review we will consider the factors identified by the Royal Commission and, if we think the reforms have not been effective, we will consider recommending to the Government that the cap on commissions be reduced further.”
Recommended for you
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
Michael McCorry, chief investment officer at BlackRock Australia, has detailed how investors are reconsidering their 60/40 portfolios as macro uncertainty highlight the benefits of liquid alternatives.
Having reset its market focus to high-net-worth advisers, Praemium’s administration solution has been selected by Bell Potter in a deal that increases the platform's funds under administration by $6 billion.
High transition rates from financial advisers have helped Netwealth’s funds under administration rise by $3.7 billion in the fourth quarter of FY25.
