| Are Desperate Home Buyers Turning to Deception? Tue, 05 Dec: Recent data suggests that more individuals seeking to enter the property market are resorting to deception on their loan applications. Whether it's exaggerating their income or minimizing their expenses, desperate home buyers are taking extreme measures to secure a home loan. This concerning trend has seen a threefold increase in people lying on their applications since interest rates started rising about a year and a half ago. - read more
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| Business Insurance Price Rises Showing Signs of Slowdown Tue, 05 Dec: Rates across the majority of commercial lines are still experiencing increases, but the pace of the rise is starting to weaken, according to a recent webinar by actuarial firm Finity. The firm suggests that higher rate increases will be more targeted where necessary, while the majority of risks can expect more moderate rate adjustments in the upcoming financial year FY24. - read more
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| Superannuation Funds' Crucial Role in Achieving Net Zero Emissions Tue, 05 Dec: The Australian superannuation industry has emerged as a key player in facilitating the country's transition to net zero emissions, according to a recent study by the Association of Superannuation Funds of Australia (ASFA). The research highlights the necessity of a fundamental restructuring and significant capital investments to achieve the national goals, with superannuation funds serving as a primary source of funding. - read more
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| The New Era of Financial Advice: Transforming Client Experiences Tue, 05 Dec: Advisers are no longer just financial experts, they are now at the forefront of providing transformative client experiences. This shift in the industry is predicted to bring about significant positive changes, according to professional VBP chief executive, David Carney. - read more
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| ASIC Engages in Consultation on ABA’s Proposed Amendments to the Banking Code Tue, 05 Dec: ASIC has recently released Consultation Paper 373, seeking feedback on the proposed changes to the Banking Code of Practice by the Australian Banking Association (ABA). - read more
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| Insurer Prevails in Dispute Over Misrepresentation of Mental Health Tue, 05 Dec: An individual who failed to disclose her history of mental health and medication use in her life insurance application has lost her dispute with the insurer. - read more
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| Revitalizing Your Super Fund: A Comprehensive Annual Check-Up Guide Tue, 05 Dec: Superannuation is often overlooked and forgotten, but it plays a crucial role in retirement savings. If it has been a while since you last reviewed your super fund, now is the time to give it some much-needed attention. A proactive approach to investment choices and regular assessments can significantly impact your super balance and ensure it aligns with your long-term goals and risk tolerance. - read more
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| Challenges Ahead for Government's $3M Super Legislation Tue, 05 Dec: The Federal Government's plan to impose a $3 million cap on superannuation balances eligible for full tax concessionality is facing opposition from the Federal Opposition and industry professionals. The proposed legislation, introduced at the end of 2023, is expected to be subjected to key amendments in the Senate before it can be debated in Parliament, which may not happen until around April 2024. - read more
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| Flood Damage: A Disproportionate Risk to Known Exposure Tue, 05 Dec: Flood events have accounted for a staggering 54% of losses from declared insurance events in the past five years. Surprisingly, these losses occur even though only a small percentage of properties are known to be at risk, according to a submission by the Insurance Council of Australia (ICA) to a parliamentary inquiry. - read more
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| Maximizing Savings: Uncover the Hidden Rewards of Energy and Insurance Tue, 05 Dec: In the current financial climate, many Australian households are feeling the pinch. With the holiday season fast approaching, it's important to find ways to make our money go further. However, what some individuals may not realize is that they could be missing out on substantial savings through their insurance policies, mobile phone deals, and more. - read more
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| Australia’s Mortgage Refinancing Boom Comes to an End Mon, 04 Dec: Australia has recently witnessed a surge in mortgage refinancing, reaching record levels over the past three years. However, this trend seems to have come to a sudden halt, as the total volume of refinances dropped significantly in October, signaling the end of the boom. - read more
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| Australia Must Learn from California and Avoid Protection Gap: ICA Mon, 04 Dec: Andrew Hall, CEO of the Insurance Council of Australia (ICA) emphasizes the negative consequences of relying too heavily on regulation to address insurance problems. - read more
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| New Challenges for Aussie Home Buyers Wed, 29 Nov: The latest ANZ CoreLogic Housing Affordability Report for November has revealed a 'triple whammy' effect on prospective home buyers in Australia. Affordability has worsened for not only buyers but also mortgage holders and renters, and unfortunately, the situation is predicted to deteriorate further by 2024. - read more
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| Ethical Investing: Meeting the Needs of the Next Generation of Wealth Clients Tue, 28 Nov: Financial advisers hold a crucial role in engaging and satisfying their clients' children and beneficiaries during the wealth-transfer process, according to a new study by ethical investment firm Australian Ethical. The study, titled 'Opportunity Next,' highlights the importance of advisers' knowledge and promotion of ethical investment options in determining client satisfaction, particularly for those involved in or about to be engaged in the wealth transfer process. - read more
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| Baby Boomers' Spending Habits: A Challenge for RBA Tue, 28 Nov: Last week's release of spending data by Commbank IQ has shed light on a concerning trend that is most likely causing headaches within the Reserve Bank of Australia (RBA). - read more
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| ASIC/AFCA Potentially Tasked with Overseeing Genetic Testing Regulation Tue, 28 Nov: The Federal Treasury is currently considering the possibility of assigning regulatory responsibilities for genetic testing by life insurers to either the Australian Securities and Investments Commission (ASIC) or the Australian Human Rights Commission (AHRC). - read more
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| Former Insurance Broker Banned by ASIC for Misconduct Mon, 27 Nov: Melbourne-based insurance broker Renato De Maria has been permanently banned by the Australian Securities and Investments Commission (ASIC) from providing any financial services. The ban was imposed following allegations of breaching duties and engaging in dishonest conduct, including the misuse of $35 million of client funds. - read more
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| 'Selective Investigation': AFCA Overrules Insurer's Fraud Allegation Sat, 25 Nov: A recent dispute ruling by the Australian Financial Complaints Authority (AFCA) has resulted in compensation for a vehicle owner whose car slipped down a boat ramp into the water. The ruling dismissed the insurer's claim that the incident was fraudulent. - read more
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| ESL Reform: A Game-Changer for Insurance Affordability in NSW Sat, 25 Nov: Brokers in NSW are hailing the impending abolition of the Emergency Services Levy (ESL) on insurance as a significant step towards improving affordability and addressing underinsurance in the state. - read more
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| Rise in Small Businesses Complaints to AFCA Indicates Growing Concerns Fri, 24 Nov: In the 2022-23 financial year, small businesses lodged a total of 3,807 complaints with the Australian Financial Complaints Authority (AFCA), indicating a significant increase of 9% compared to the previous year. As a result of these complaints, small businesses received $23.4 million in compensation and refunds, marking a 16% increase from the previous financial year. - read more
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| Travellers' Insurance Claim Denied After Mumbai Visa Debacle Fri, 24 Nov: Complainants who were denied entry onto their flight due to not having a valid visa for transit in India have lost their dispute against their insurer's decision to decline their claim. - read more
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| Why Embracing AI Can Enhance Your Financial Advice Business Thu, 23 Nov: Sue Viskovic, the founder of consulting firm Elixir Consulting, highlights the importance of incorporating AI into financial advice businesses in an upcoming episode of the IFA podcast. While there may be apprehension regarding the role of digital tools in providing advice, Viskovic emphasizes the continued need for human interaction and trust. - read more
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| New Insights on Inflation and the Australian Economy Wed, 22 Nov: Reserve Bank governor Michele Bullock has issued a warning, stating that inflation will continue to be a 'crucial challenge' for the Australian economy in the next one or two years. While many attribute the current inflationary pressures to supply-side constraints, Bullock emphasizes the underlying demand component that central banks are trying to address. - read more
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| Insurers Collaborate to Support Financial Counselling Scheme Wed, 22 Nov: The Insurance Council of Australia (ICA) has announced its participation in a $30 million co-funding initiative, led by the Commonwealth, aimed at expanding financial counselling services. This move comes following the Federal Government’s signing of memorandums of understanding with various financial services sectors, including the Australian Banking Association, to establish the Industry Funding Model for Financial Counselling. - read more
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| New Approaches by ATO to Address Unpaid Superannuation Tue, 21 Nov: The Australian Taxation Office has taken significant steps during the 2022-23 financial year to recover and redistribute Superannuation Guarantee liabilities. A staggering $1.13 billion in liabilities were identified, out of which $683.8 million has already been recovered and given back to super funds and individuals. - read more
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