Risk Company Update
/Zurich to take on OnePath life insurance business
Zurich Australia Limited and OnePath Life Limited are proposing to transfer OnePath Life's life insurance business to Zurich Australia Limited. The transfer requires approvals from the Federal Court, expected to occur on 1 August 2022. If the transfer is approved, it is business as usual for policy owners, who will continue to hold OnePath-branded policies.
The Cyber Collective launches
The Cyber Collective is a new cybersecurity agency launched by Fraser Jack, a former financial advice industry veteran and host of the XY Adviser podcast. The Cyber Collective is a company that aims to protect financial professionals against the growing risks of cybercrime. The Cyber Collective will offer a range of services, including email safety, staff training, and cyber insurance.
AFCA user-pays funding model set for July 1
The Australian Financial Complaints Authority (AFCA) has announced that a new, user-pays funding model will be implemented from July 1st. The model was approved by AFCA’s independent board after an extensive consultation process with users of the external dispute resolution scheme and peak industry bodies.
The new model includes a single registration fee and a simplified complaints fee structure. All members qualify for five free complaints a year. 95% of licensed financial firm members of the AFCA external dispute resolution scheme will pay only their annual registration fee, which has been set at $375.55 for the coming financial year.
Authorised credit representatives will pay $65.98 annually. The superannuation levy has been abolished and super funds have been brought under the same fee structure as other scheme members.
