Is the TPD claims process creating additional harm?BY BEC SCARRABELOTTI | FRIDAY, 21 MAR 2025 12:40PM While most of us breathed a sigh of relief as the worst-case scenario for Tropical Cyclone Alfred didn't materialise, insurance has been on the minds of many of us. If your home ... Upgrade your subscription to access this article
Join the growing community of financial advisers
with unlimited access to our latest news, research and analysis of the industry.
Become a premium subscriber today. |
Latest News
Count shutters limited-advice business, slips in size ranking
Count Financial has reportedly wound up its restricted SMSF/limited-advice service, losing some 26 advisers on the Financial Adviser Register, latest data shows.
Centrepoint Alliance acquires two advice firms
Centrepoint Alliance will acquire Queensland financial advice practices Cairns Wealth and Pinnacle Wealth for $3 million from Astute Financial Management.
Small pocket of failed measures can 'blow the entire business': Anderson
FAAA general manager of policy, advocacy and standards Phil Anderson warned licensees to improve their control measures for authorised representatives to avoid any unintended consequences.
AFCA puts InterPrac determinations on ice
The Australian Financial Complaints Authority (AFCA) is pausing all InterPrac Financial Planning-related determinations as court proceedings instigated by the latter are underway.
Further Reading
Cover Story
Advice with soul
SACHA BURCHGART
FOUNDER AND FINANCIAL PLANNING SPECIALIST
BURCHEART
FOUNDER AND FINANCIAL PLANNING SPECIALIST
BURCHEART
Though she initially tried, Sacha Burchgart couldn't escape the call of a career in financial advice; it just took staring down her own mortality to see what's possible when you do things differently. Jamie Williamson writes.
Expert Feed
Fixing the CSLR: the UK FSCS offers lessons - but not a blueprint
UK's equivalent scheme of the CSLR highlights the lack of stability and predictability it currently has, expert says.
Helping clients stay the course in volatile markets
Fidelity International's recent research shows many investors are maintaining a "long-term" perspective despite recent market turmoil.
Let's be honest: is it a tech stack... or just a stack of tech?
Financial advisers need to be aware that sophisticated technology does not always serve as a practical, effective tool.
At the crossroad of governance: the two choices for Australian fund managers
Internalising trustees, although lawful, weakens independent oversight and can expose a fund manager to greater risks than those outsourcing the capability ...
I've heard that rationale expressed before. It seems to go along with the inherent delays in accepting medical evidence on TPD claims. Since LIF was introduced seven years ago, we've watched insurers struggle with a 60% reduction in genuine new business into their pools and then attempt to recover that lost revenue by "gouging" legacy products and introducing that misleading and deceptive device known as Duration Based Pricing, apparently without any meaningful examination from either ASIC or Apra.
Slowing up TPD claims is just another method of slowing up outflows in the face of a significant decrease in premium inflows.Restoring commissions to pre-LIF levels will encourage more advisers to write risk because as we speak it is not worth our while. Nothing else will increase new business premium inflows like re-introducingto a capacity for advisers to actually make a profit advising on life risk.
Replacing an SOA with an equally cumbersome CAR is not going to cut the mustard