Risk Product, Company and Regulatory Updates as at 5 February 2019

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Company Updates

TAL offering FASEA course
TAL is to offer a FASEA Masterclass for advisers to assist in the new education requirements, via its Risk Academy. The class will help advisers prepare for their exams. All fees for the masterclasses are given to charity.

AIA Australia launches client competition
AIA Australia has announced a special offer for eligible clients to win a prize pool of $44,000, the New Year Frenzy Campaign. The competition will run from 29 January to 28 February 2019, with clients able to win one of six draws. Eligible clients include those new business lump sum or income protection applicants. The entries are automatic.

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Product Updates

AMP Elevate to partially close
AMP has partially closed life insurance product AMP Elevate and new ordinary non-superannuation business is off the menu, except customers who pay premiums via AMP platforms or existing AMP life customers.

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Regulatory Updates

Commonwealth FP ordered to stop charging ongoing service fees
ASIC has ordered Commonwealth Financial Planning to cease charging ongoing service fees, or entering into any new ongoing service arrangements with customers. The company failed to give ASIC an attestation and acceptable final report from Ernst & Young, which was part of their enforceable undertaking entered into in April 2018. They must now rectify the issues raised.