LIFE – AUSTRALIA

Life advice so bad it was illegal: ASIC

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Original article by Andrew Main, Ben Butler
The Australian – Page: 21 : 10-Oct-14

Peter Kell, deputy at the Australian Securities & Investments Commission, says a new survey of the life insurance industry shows that standards are disappointingly low. The advice given to some 37% of consumers on such policies was so deficient that it actually contravened the relevant laws. Kell points out that the new Future of Financial Advice legislation puts the onus on providers to act in the best interests of their clients, and that the sector must act to improve its compliance

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FINANCIAL SERVICES COUNCIL, ASSOCIATION OF FINANCIAL ADVISERS LIMITED, FINANCIAL PLANNING ASSOCIATION OF AUSTRALIA LIMITED

NAB tight-lipped on sale of life insurance

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Original article by Bridget Carter
The Australian – Page: 28 : 25-Sep-14

There is speculation that National Australia Bank may sell its life insurance business. The bank acquired Aviva for $A825 million in 2009 and the bank has become one of the largest operators in the life insurance sector. CEO Andrew Thorburn has said that he will consider the sale of non-core assets. The life insurance sector is under margin pressure as sales are slowing

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AVIVA AUSTRALIA LIMITED, CLYDESDALE BANK PLC, AMP LIMITED – ASX AMP, SUNCORP GROUP LIMITED – ASX SUN, CERBERUS GLOBAL INVESTMENTS LLC, YORKSHIRE BANK PLC, DEUTSCHE BANK AG