WEEKLY WRAP: MDA operators: united voice needed to get ASIC’s attention

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MDA operators: united voice needed to get ASIC’s attention

The Institute of Managed Account Providers (IMAP) has announced it would be coordinating the managed accounts industry response to the MDA Consultation Paper (CP200) recently released by ASIC.

“There is only a brief consultation period, so it’s important that the response is coordinated,” said Toby Potter, IMAP chairman. “Not all participants will have common views but where there is a diversity of views, these need to be represented.

“Many managed account providers are smaller organisations and responding to ASIC Consultation Papers may not be high on their agenda. Ensuring their views are presented to the regulator is an important part of the role of an industry organisation.

“We are also providing a facility for companies that want to make a specific response to piggy back on the broader response process”, said Potter.

ASIC released the CP on 8 March and has announced that the response period only extends to 19 April.

IMAP is inviting organisations that want to participate in the formation of the industry response to contact Angela Willett, the Executive Officer of IMAP at angela.willett@imap.asn.au

FSC announces best in Life Insurance sector

Head of Life Insurance at BT Financial Group, Phil Hay, was awarded the prestigious Financial Services Council (FSC) Life Industry Pioneer award at the inaugural FSC Life Insurance Conference Awards dinner last week.

The FSC Life Industry Pioneer Award recognises an individual in the industry who has demonstrated an outstanding commitment to innovative thinking in order to transform the life insurance industry to meet the challenges of the next generation.

Hay accepted his award at the presentation dinner, thanking his life insurance teams for their contribution to his career achievement.

“I’d like to congratulate my teams,” Hay said. “This is their award and recognises how much they have achieved over the years. We have built a business that is based on integrity and doing the right thing for our customers.”

Macquarie was also recognised by the FSC Life Insurance Awards in the consumer innovation category.

“Macquarie Life is delighted to be recognised by the Financial Services Council Life Insurance Awards in the category of Consumer Innovation for our online application, Macquarie Life Active Body, and all-in-one insurance solution, Macquarie Life Active,” said head of Macquarie Life, Justin Delaney. “The whole Macquarie Life team, spanning underwriting, claims, product, technology, sales and marketing, worked to bring these innovative solutions to market in order to help Australians obtain the right life insurance solution. The award reflects our on-going commitment to exploring innovative ways to grow our product offering, improving the client experience, and getting the absolute best outcomes for clients in the long-run.”

Elders Financial Planning announces new senior appointment for WA

Elders Financial Planning has announced the appointment of Albert Di Sabatino as regional manager, West, as a key element of its expansion activity across Western Australia.

Elders Financial Planning CEO Helen Lorigan said Di Sabatino would play a key role in the recruitment of high-quality financial advisers, as well as providing support to existing advisors within the Elders Financial Planning network.

“Elders Financial Planning is in an exciting stage of its development and Albert comes to the role with nearly two decades in the industry having previously worked in senior financial advisory roles at a number of financial industry groups,” Lorigan said.

“Albert brings with him a strong understanding of the day-to-day challenges faced by advisers from an advice and business development perspective as well as an awareness of practice management issues."

$31,000 of AMP shares donated to charity 

AMP shareholders have donated more than $31,000 to charity as a result of the AMP Small Shareholding Sale Facility.  The share donation was managed through ShareGift Australia, a not-for-profit organisation that enables the proceeds of small parcels of shares to be donated to charity.

As part of the AMP Share Sale Facility, AMP wrote to over 52,000 shareholders who held 112 shares or less, inviting them to donate and recommend a charity via ShareGift or to receive the cash.

AMP shareholders helped contribute to the largest ever pooled contribution by ShareGift since the model was first piloted in 2007.

ShareGift Australia donates a pooled contribution of shares on a quarterly basis, allowing shareholders with small parcels of shares to sell them tax deductible and without incurring a brokerage fee.