Require financial firms to cooperate with the Australian Financial Complaints Authority (AFCA) On 4 April 2019, regulations were made requiring all compulsory AFCA members to take reasonable steps to cooperate with AFCA in the resolution of disputes.
Tag: member
4.15 — Status attribution to be fair and reasonable
APRA should amend Prudential Standard SPS 250 to require RSE licensees to be satisfied that the rules by which a particular status is attributed to a member in connection with insurance are fair and reasonable. Government Response The Government supports Read More …
3.5 — One default account
A person should have only one default account. To that end, machinery should be developed for ‘stapling’ a person to a single default account. Government Response The Government agrees that a person should have only one default account. This also Read More …
Strengthening protections for consumers, small businesses and rural and regional communities
All Australians have the right to be treated fairly and honestly in their dealings with financial services entities. It is fundamental to ensure consumers have trust in the financial system. We have already reformed remuneration practices in the life insurance Read More …
Oversight
Recommendation 6.14 – A new oversight authority A new oversight authority for APRA and ASIC, independent of Government, should be established by legislation to assess the effectiveness of each regulator in discharging its functions and meeting its statutory objects. The Read More …
Group life policies
Recommendation 4.13 – Universal terms review Treasury, in consultation with industry, should determine the practicability, and likely pricing effects, of legislating universal key definitions, terms and exclusions for default MySuper group life policies. Recommendation 4.14 – Additional scrutiny for related Read More …
Superannuation
The Commission explored issues relating to the superannuation industry in Round 5 of its public hearings, held in Melbourne from 6 August–17 August 2018. The Commission’s consideration of the superannuation industry focused on how registerable superannuation entity (RSE) licensees fulfil Read More …
6.3 What the case study showed
I have already made findings of misconduct and conduct falling below community standards and expectations above. In summary, I have found that: In respect of the member charged a higher premium after delinking, AMP’s conduct fell below community standards and Read More …
6.2 The case studies
The Commission heard evidence from Mr Sainsbury.[1] Three issues were examined in the course of Mr Sainsbury’s evidence. They were: the charging of higher premiums for delinked members where AMP is not aware of the member’s smoker status, AMP’s processes Read More …
6.1 Background
This case study concerned group life insurance offered to members of the superannuation funds of AMP Superannuation Limited (AMP Super) and NM Superannuation Proprietary Limited (NM Super), the AMP Group’s superannuation trustees. AMP Life Limited (AMP Life) is the group Read More …