Australia
Australia to allow 60% commissions on life insurance products
Australia’s government has confirmed it will allow life insurance brokers to pocket commissions as high as 60%, after resisting calls for them to be banned altogether.
Australian regulator ends legal case against two LM directors
The Australian corporate regulator has abandoned a civil penalty action against two former directors of the collapsed Queensland-based fund manager LM Investment Management (LMIM).
Zurich buys Macquarie Life’s risk business
The Federal Court of Australia has approved the transfer of Macquarie Life’s risk insurance portfolio to Zurich Australia, a move that will see the Swiss firm become Australia’s fourth biggest retail insurer in the IFA segment.
Australia’s Westpac to remove sales incentives for staff
One of Australia’s big four banks, Westpac Banking Corp, has announced plans to remove all product related incentives from frontline staff in its retail branches as part of efforts to rebuild trust with its customers.
Australia scraps A$500k lifetime superannuation cap
The Australian government has scrapped plans to introduce a controversial A$500,000 (£286,598, $383,675, €341,174) lifetime cap curbing the amount people can save into their pensions.