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‘How is this behaviour allowed’: Adviser blasts insurer premium hikes
‘How is this behaviour allowed’: Adviser blasts insurer premium hikes
An adviser has slammed the poor behaviour of insurers in hiking premiums for existing customers while new client rates stay unsustainably low, as the life sector grapples with the competing forces of regulatory restrictions and the chase for market share.
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Adam Wade, director of northern NSW practice TNR Wealth Management, told ifa his clients were being unfairly penalised by pricing sustainability issues in the life industry while insurers chased new clients with loss-leading premium rates.
“I have a client who has come to me with a TAL policy taken out in 2012. The annual premium is $8,102 because it is on series 30,” Mr Wade said.
The Financial Services Council has signalled support for the government’s decision to combine the reviews into the quality of advice and the Life Insurance Framework (LIF).
‘Not the right way to do reform’: Labor’s open door policy to industry By Sarah Kendell 22 April 2021
The federal opposition has set the stage for its approach to financial services regulation in the lead-up to a possible election early next year, saying the Coalition has too often “closed the door in the face” of industry when it suggests sensible amendments to legislation.
Addressing the FSC Life Insurance Summit this week, shadow financial services minister Stephen Jones said while Labor supported the government on the “broad direction” of financial services reform following the royal commission, many parts of its legislative response had thrown up “unintended consequences” where industry warnings had gone ignored.