Category Archives: News

ASIC Funding Levy Advocacy Update

AFA News 18 March 2021. Last week we communicated with members on the extreme increase in the ASIC Funding levy for the 2019/20 year and the invoices have now been made available via the ASIC portal. The fee for 2019/20 is $1,500 per licensee plus $2,426 per adviser, and for all licensees who provide life […]

APRA Group Super Intervention

AFA News 18 March 2021. In 2019 APRA issued a warning to the Life Insurance industry to fix some key problems, including substantial losses being incurred in the Individual Disability Income Insurance market.  Ultimately APRA chose to intervene in the market and put in place additional capital requirements linked to expectations of changes to product […]

Treasury consults on Breach Reporting Regulation

AFA News 18 March 2021. In December last year, the Parliament passed the Financial Sector Reform (Hayne Royal Commission Response) Bill 2020, which included the introduction of new mandatory reference checking requirements and a new breach reporting regime, with related investigation and remediation obligations. We are concerned about the implications of this new breach reporting […]

Fighting the ASIC Fund Levy increase and how you can help

AFA News 09 March 2021. On Thursday 4 March 2021, ASIC released their final Cost Recovery Implementation Statement for the 2019/20 financial year, revealing conclusively that the ASIC Funding Levy, for financial advisers who provide personal advice to retail clients, would be $1,500 per licensee plus $2,426 per adviser.  This represents a 160% increase in […]

Understanding the APRA Life Insurance Profitability Reporting

AFA News 09 March 2021. On Thursday 4 March 2021, APRA issued a media release on life insurance statistics for December 2020.  This media release included a breakdown of the key performance statistics for the life insurance industry for the 2020 year.  Some of the numbers in this report, such as a decline of 70% […]