As part of the public submission process, people were asked to indicate the part of the financial services industry to which their matter related. Of all the submissions received, the largest proportion were received in relation to banking (61%), superannuation Read More …
Tag: process
11.3 What the case study showed
11.3.1 Misconduct AAI accepted that it had contravened the General Insurance Code of Practice in four ways in the course of its dealings with the Healds. First, AAI accepted that it had breached clause 7.2, which required it to conduct Read More …
7.3 What the case study showed
This case study raised issues not only about the misleading and deceptive content on Allianz’s website, but also about Allianz’s compliance processes, governance and culture more generally. It is convenient to begin with the issues relating to the misleading and Read More …
7.1 Background
Allianz Australia Insurance Ltd (Allianz) issues general insurance products, including travel insurance products. [1] The Commission heard evidence about misleading and deceptive content that appeared on the travel insurance pages of Allianz’s website between 2012 and 2018, as well as 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 …
1.3 What the case study showed
Mr Martin accepted that Clearview may have engaged in misconduct in a number of respects. Those concessions were properly made. In respect of the anti-hawking issues, Mr Martin accepted that ClearView may have breached the prohibition on the hawking of Read More …
10.2 Evidence
10.2.1 Energy Super In 2016, Energy Super was interested in merging with another superannuation fund. It thought that a merger would benefit its members through increasing membership numbers, changing its membership demographic and reducing administration costs.[1] It had held merger Read More …
5.3 What the case study showed
5.3.1Distribution process Superannuation is a complex financial product that, for many people, is one of their biggest assets. It is different in both character and importance from retail products like a bank account. However, ANZ’s distribution process effectively added Retail Read More …
5.2 Evidence
From 2012 until August 2018, OPC engaged ANZ to distribute the Retail Smart Choice Super product through ANZ branches.[1] The distribution process followed a ‘scripted general advice model’.[2] It was designed to ‘leverage’ a regulatory exemption that allowed branch staff, Read More …
Introduction
In the previous chapters I have sought to explain the conclusions and recommendations I have reached about many of the issues that have arisen in the course of the Commission’s work. For the most part, the issues dealt with in Read More …