Policy proposal
The Australian Securities and Investments Commission (ASIC) has released a policy proposal paper seeking comment to remove barriers to fully electronic distribution of life insurance and superannuation products.
ASIC says the paper hopes to enable life companies and superannuation trustees to receive and process applications electronically.
Both life companies and superannuation trustees are already able to access electronic disclosure documents, but in many cases existing rules mean they can only accept paper-based applications.
The proposals are designed to remove uncertainties about whether a fully electronic application process complies with regulatory rules.
ASIC says it has been careful to make sure consumers who apply for life insurance and superannuation products electronically have full access to disclosure documents as well as being fully alerted to their rights and obligations.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
