Legal and regulatory update for the life and health insurance sector

19 May 2023 - The Federal Court has found four companies that are or were part of the AMP Group breached the law when charging life insurance premiums and advice fees from the superannuation accounts of more than 2,000 deceased customers. The Federal Court ordered two of these AMP companies to pay a combined penalty of $24 million for the breaches. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2023-releases/23-129mr-court-penalises-amp-24-million-for-charging-deceased-customers/

19 May 2023 - Results of The New Zealand Consumer Survey 2022 are available https://www.consumerprotection.govt.nz/news-and-media/results-of-the-2022-new-zealand-consumer-survey-are-now-available/

22 May 2023 - FSC publishes Vulnerable Member Framework for Trustees https://blog.fsc.org.nz/guide-vulnerable-member-framework-for-trustees

23 May 2023 - The Financial Markets Authority has filed criminal charges against Yuen Pok (Paul) Loo following offences under financial markets legislation. Mr Loo forged a letter purporting to be from the FMA granting his company a FAP licence. https://financialmarketsauthority.cmail20.com/t/r-l-ttjhkuid-btuitpxk-j/