Agreed value individual disability income insurance contributed to significant sustainability issues in the life insurance market and insurers need to design flexible products, according to the Australian Prudential Regulation Authority.
Updated guidance on the sole purpose test has been superseded by the Your Future, Your Super legislation, but the Australian Prudential Regulation Authority may still update it later.
Australian regulators are increasing their oversight of climate change reporting by listed companies and financial institutions, the regulators said this week.
New owner IOOF pledges to keep MLC brand alive
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IOOF chief executive Renato Mota has heralded the official end of the failed experiment of bank-owned wealth management while promising to keep the 130-year-old MLC brand alive after completing the $1.4 billion deal with National Australia Bank from his family home.
Locked down in the north-western Melbourne suburb of Essendon, Mr Mota was unable to welcome any of his 3100 new employees in person on Tuesday, nor sign the legal documents separating MLC Wealth from NAB after 21 years.
IOOF CEO Renato Mota completed the $1.4 billion purchase of National Australia Bank’s MLC Wealth from his home in Melbourne’s Essendon, which is under lockdown.
This edition of the Update covers: 1. Recent legal and regulatory developments, including the release of ASIC's immunity policy for market misconduct offences, a FATF.