Advocacy by the FSC, along with the Financial Planning Association of Australia (FPA) and the Association of Financial Advisers (AFA) – to ASIC and the Federal Government has secured valuable clarity on the parameters for electronic renewals of Ongoing Fee Arrangements (OFAs).

Now that the hurly-burly’s done and the battle is lost and won, what is the outcome for fees and costs disclosure?

The FSC recently announced that the Investment Board Committee had been reconstituted into the Fund Management Board Committee (FMBC), which is supported by the Investment Expert Group (IEG).

Online attendees at this week’s FSC Life Insurance Summit heard numerous industry leaders discuss the substantial challenges facing the life insurance sector.

The life insurance industry is at an “inflection point” which challenges its long-term sustainability and demands fundamental change: this was the consensus view from a panel of industry leaders comprising regulators, re-insurers and product manufacturers.

Financial advisers have been “inundated” with enquiries from clients during the COVID-19 pandemic and people without advisers had struggled to find someone to help them, the FSC’s Life Insurance Summit was told.

Want to Talk

Leave your details and we'll be in touch.