The law should be amended to require that a financial adviser who would contravene section 923A of the Corporations Act by assuming or using any of the restricted words or expressions identified in section 923A(5) (including ‘independent’, ‘impartial’ and ‘unbiased’) Read More …
Tag: statement
Lack of independence
Recommendation 2.2 – Disclosure of lack of independence The law should be amended to require that a financial adviser who would contravene section 923A of the Corporations Act by assuming or using any of the restricted words or expressions identified Read More …
11.2 Evidence
The Healds held a home and contents policy with AAI.[1] The policy was branded as a Suncorp product.[2] On 22 April 2015, they lodged a claim with AAI for damage to their property caused by a major storm in the Read More …
11.1 Background
This case study concerned the handling by AAI of an insurance claim arising out of storm damage. The Commission heard evidence from Ms Bernadette Heald and again from Mr Gary Dransfield, the Chief Executive Officer of Insurance at the AAI Read More …
10.2 Evidence
AAI issues 37 home and contents insurance products through 13 different brands, including AAMI.[1] Generally speaking, AAI’s home and contents policies are ‘sum insured’ policies, which require the policyholder to nominate the amount for which their home and contents will Read More …
10.1 Background
AAI Limited (AAI) carries out the general insurance activities of Suncorp Group.[1] The case study focused upon AAI’s handling of claims made following the Wye River bushfires on Christmas Day 2015, and the way in which AAI marketed its Complete Read More …
9.2 Evidence
9.2.1Sacha Murphy Ms Murphy took out a home and contents insurance policy with Youi in 2012.[1] In November 2016, there was a severe hail storm in Broken Hill that caused damage to Ms Murphy’s roof.[2] In January 2017, Ms Murphy Read More …
8.2 Evidence
Mr Bessell described the relationship between IAG and Swann as a ‘devolved business model’,[1] where Swann was effectively a standalone business.[2] However, the person with ultimate responsibility for Swann was the head of the IAG division in which Swann sat,[3] Read More …
8.1 Background
Swann Insurance (Aust) Pty Ltd (Swann) is a general insurer and a subsidiary of Insurance Australia Group Limited (IAG).[1] Swann sources and sells add-on insurance products. The Commission heard evidence from Mr Benjamin Bessell, the Executive General Manager Business Distribution 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 …