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INDUSTRY NEWS
CBA has acknowledged that it was not frank and open in a dispute with the Financial Ombudsman Service, the Royal Commission has been told....
INDUSTRY NEWS
Freedom’s retention practices make it “unnecessarily difficult to cancel [insurance] policies” with just 28.5 per cent of customers trying to cancel funeral insurance cov...
INDUSTRY NEWS
Freedom received 72 cancellation calls a day from customers for its funeral insurance policy over a 13-month period, with 13 per cent of those calls coming during the fir...
INDUSTRY NEWS
Australian insurers are behind their international counterparts in readiness for new major new accounting standards, a survey by KPMG has shown....
INDUSTRY NEWS
Freedom chief operating officer Craig Orton has admitted to the Royal Commission that aggressive insurance sales practices within his organisation led to poor customer ou...
INDUSTRY NEWS
Freedom ended dubious sales practices for four insurance products just days before appearing before the Royal Commission, then failed to disclose this information to the ...
INDUSTRY NEWS
With insurance sales practices proving a focus of the Royal Commission’s current hearings, the Commission has heard of how Freedom sold a disabled man funeral insurance a...
INDUSTRY NEWS
The Royal Commission has heard of the issues which gave rise to ClearView closing its Direct business including ‘random incentive days’ and trips to Queenstown, New Zeala...
INDUSTRY NEWS
The Royal Commission has pointed to flaws and inconsistencies in the regulatory environment around life insurance, including that there is no penalty capable of being imp...
INDUSTRY NEWS
ClearView has confirmed that its direct life sales agents had access to commissions of up to $8,000 if they exceeded 250 per cent of their sales directs....
INDUSTRY NEWS
In a hearing littered by admissions of wrongdoing by Clearview, the Royal Commission has heard the insurer’s chief risk officer, Gregory Martin, detail how the firm breac...
INDUSTRY NEWS
The practice of offering “downgraded” life insurance products has come under the spotlight at the Royal Commission, with Clearview questioned over its practice of offerin...
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It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...