Daily news update: Southern Cross report on member feedback and more stories
Australia: insurers responding to the post-Hayne world

UPDATED: Melanie Purdey shares top FAP related questions, and more stories

Melanie Purdey shared what she thought advisers should be asking to ensure that they make the right decision in regard to joining a FAP.  Melanie covered culture, controls, communication, capability, and conflict.

Advisers need to consider the culture of the FAP. To ensure that there is synergy between them and the FAP. Melanie suggests advisers look into the FAP’s leadership, integrity and commitment to customers.

“Does this FAP have the leadership and legacy of looking out for clients’ best interests and putting them in priority?

Have they modelled a culture committed to attracting advisers with integrity or have numbers been the main driver for recruitment? Have they demonstrated leadership in dealing with renegade advisers who have committed breaches in the past?”

Click here to read more

In other news:

Asteron Life: Underwriting and New Business teams moved into a regional-based structure

Fidelity Life: Premium increases for some Income Protection and Key Person Cover customers effective 1 August 2020

Fidelity Life: Premium increases for some new level trauma covers, including Trauma Multi effective 1 August 2020. The underlying rates for some personal IP covers will increase for benefit periods to age 65 to age 70.  For new business for level Trauma and IP the to age 65 term will become to age 70. This was first reported incorrectly by Chatswood as a change to ages of eligibility, our apologies for the confusion. 

Fidelity Life: Planned changes or removal for some sales discounts including Key Person Cover

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