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Financial Services Bulletin - March 2018

Welcome to the Financial Services Bulletin (FSB) – March Edition, 2018

This is our first FSB for the year, delivering recent industry news, an important case law development, a selection of FOS and SCT determinations and TurksLegal Q&A.

In 'What's Happening Here and Now', we are delighted to tell you about our upcoming launch of the interactive online TurksLegal Life Guide. The Guide will be launched at our 'Life Matters' seminars in Sydney, Melbourne and Brisbane, the dates for which have just been announced (sorry, Sydney is now waitlist only!)

WHAT’S HAPPENING HERE AND NOW

Autumn Life Matters seminar series
TurksLegal is excited to announce the release of the next generation of the Life Guide in a unique new format and jam-packed with new material. Read more

INDUSTRY NEWS

Banking Royal Commission
Public hearings in the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry will re-commence on 13 March 2018. Read more

Australian Financial Complaints Authority update
The Bill establishing the Australian Financial Complaints Authority passed both Houses of Federal Parliament on 14 February 2018. Read more

Increase in FOS compensation caps from January 2018
From 1 January 2018, FOS will be able to award increased remedies for claims in a dispute. Read more

CASES AND TRIBUNAL DECISIONS

Group Cover - The Duty of Disclosure and the Remedy of Avoidance
Sharma v LGSS Pty Ltd [2018] FCA 167
On 1 March 2018 the Federal Court delivered judgment in Sharma v LGSS Pty Ltd [2018] FCA 167 being an appeal from the Superannuation Complaints Tribunal which had affirmed the insurer’s right to avoid the “voluntary” portion of the cover of a member under a group policy. Read more

RECENT FOS & SCT DECISIONS

  • Manifestation and disclosure – what and when? Read more
  • Tribunal determines that Insurer and Trustee’s decisions to decline claims for TPD and IP benefits were fair and reasonable. Read more

TURKSLEGAL Q&A

Fraud - can a life insurer cancel the policy?
In this edition of TurksLegal Q&A, we respond to a client's question on fraudulent claims. Read more

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