| Regulators Highlight Risks in SMSF Auditor Income Sources Tue, 05 Nov: The Australian Taxation Office (ATO) and the Australian Securities and Investments Commission (ASIC) are intensifying their focus on ensuring Self-Managed Superannuation Fund (SMSF) auditors maintain diversified sources of revenue. - read more
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| Insurer's Overcharge: A Case for Rigorous Internal Audits Tue, 05 Nov: An overlooked discrepancy by a life insurance company led to thousands of policyholders not receiving promised discounts, having continued unchecked for over a year. This issue was unearthed following an unexpected internal audit, demonstrating the company's need for better oversight and auditing practices. - read more
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| Insurance Goes Speedy with AI-Powered Support Tue, 05 Nov: In a groundbreaking move, IAG has unveiled an innovative AI-driven tool designed to drastically speed up claims processing. This new utility aims to empower front-line consultants by facilitating quicker claims assessment. CASI, short for Claims Assistant Supporting Intermediated, integrates complex document content, such as product disclosure statements and policy language, to supply fast and precise answers to staff queries. - read more
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| CFS Launches New Advisory Initiative with Viridian Tue, 05 Nov: Colonial First State (CFS) is reshaping personal finance support by engaging with Viridian Advisory. This initiative aims to aid FirstChoice superannuation, pension, and investment members seeking guidance without ongoing financial advisement. The collaboration brings a novel approach to receive one-time, topic-focused advice tailored to individual needs. - read more
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| Broader Solutions Needed for Insurance Affordability, Says ACCC Mon, 04 Nov: Amid escalating climate risks, the Australian Competition and Consumer Commission (ACCC) is calling for broader initiatives to improve insurance affordability. The ACCC has highlighted that while climate-related events become more pronounced, some Australians face insurance unaffordability, often leaving significant assets like homes and small businesses uninsured. - read more
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| NSW Takes Decisive Steps Against Unlawful Merchant Fee Practices Mon, 04 Nov: The New South Wales (NSW) Government is taking robust measures to rectify years of unlawful merchant fee surcharges on customer transactions. Despite ongoing legal concerns, these fees persisted for nearly a decade, a legacy of policy directives laid out by the former Liberal-National government. - read more
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| Major Super Fund Merger Forms a Strong Industry Player Mon, 04 Nov: The merger between industry stalwarts CareSuper and Spirit Super has successfully concluded, marking a significant event in the landscape of Australian superannuation. Initially agreed upon in June 2023, this unification underlines a strategic effort to bolster services and enhance benefits for their expanding membership. - read more
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| Decoding Trust in AI for Finance: A New Path Forward Mon, 04 Nov: As artificial intelligence becomes entrenched in the financial industry, a critical question arises: Do people trust AI for making financial decisions? Exploring this query reveals diverse attitudes depending on individual backgrounds and familiarity with AI technologies. - read more
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| AFCA Upholds Fair Evaluation in Insurance Claim Dispute Fri, 01 Nov: The Australian Financial Complaints Authority (AFCA) has directed MetLife to re-evaluate a policyholder’s income protection claim, focusing on justified interpretations of mental health exclusions. - read more
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| Australia's Path Out of Recession: A Long Road Ahead Fri, 01 Nov: Australia is currently navigating its way out of what has been called the longest recession on record. The nation has seen six consecutive quarters of declining per capita gross domestic product, indicating a sustained period of economic downturn. - read more
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| AIG Insurance Tangle Over Vacant Property Break-In Unravels Fri, 01 Nov: A landlord initially seeking compensation of $102,270 for theft and repair costs following a break-in at a vacant commercial property was awarded $45,724 after a protracted insurance dispute with AIG Australia. The issue revolved around discrepancies over a premium for an unoccupied building. - read more
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