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2020
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  • Looking at the year ahead

    21 January 2020


    It’s the start of a new decade and as with each decade you can’t predict everything that will happen. Below are some of the upcoming items for 2020 and beyond, and how we can help you navigate these changes. 

    AIA and CommInsure

    The signing of the Joint Cooperation Agreement on 1 November 2019 signified the start of the transformation of both companies, and an opportunity to help even more people lead Healthier, Longer, Better lives. Our businesses are working on a product review and other developments that we will bring to market in 2020.

    2020

    Regulatory and Legislation

    APRA has recently intervened in the Income Protection market with planned changes set for 31 March 2020. This theme is something that could continue beyond 2020.

    FASEAs exam and education standards will need to be considered for existing and new advisers as the timeframes for existing advisers are fast approaching. Below is a summary of some key information and timeframes relating to the FASEA education standards:

    Existing Adviser

    • Pass exam by 1 January 2021, however there is currently an extension on the table with a deadline of 1 January 2022 (the extension has not yet been legislated, however we will keep you updated as soon as new information is received)
    • Meet the FASEA Education Standard by 31 December 2024 or if the extension is legislated 31 December 2026
    • Existing advisers who have previously completed qualifications above the Diploma of Financial Advice / Planning (AQF5) during their years of practice may be eligible for some recognition of prior learning (RPL).


    New Entrant

    • Complete an AQF7 (Bachelor’s) degree or higher qualification approved by FASEA, in their own time, taking into account the education provider’s timeline to complete the qualification
    • Commence the Professional Year after completing the AQF7 degree (or higher qualification) and can sit the Industry Exam in Quarter 3 of the Professional Year.


    More information of FASEAs exams and education standards can be found here.

    In the meantime, keep a look out for AIAs exam workshops, or talk to your AIA CDM to find out how we can help you be better prepared. You can also utilise AIAs partnership with Kaplan Professional to help you meet the new FASEA education standards. Find out more.

    Late last year, FASEA clarified its position on life insurance commissions, providing the green light for advisers to continue to be remunerated by commissions. As per the FASEA website, provided the client’s best interests are served as is already mandated by statute under the 2012 Future of Financial Advice reforms, then it’s ok to continue to be remunerated in this manner post 1 January 2020.

    Moving beyond 2020, we will see the end of payments to advisers for ‘grandfathered’ commissions as a result of the Hayne royal commissions finding. ASIC will also begin to review the impacts of the Life Insurance Framework (LIF) in 2021. This reporting will be used to determine numerous factors including, whether the banning of commissions is required and reviewing how advisers are remunerated for their services. The final report is scheduled to be released by ASIC in 2022.

    The Life Insurance Framework (LIF)

    New commission rates were introduced on 1 January 2020, with maximum risk policy commissions for first year, reducing to 60% excluding GST.

    Read more 

    We would like to work with you in 2020 and beyond, to help more customers lead healthier, longer, better lives.

    To find out more contact your CDM.

    Contact AIA

    1800 333 613

    PO Box 6111
    Melbourne VIC 3004

    infohub@aia.com

    AIA Global aia.com

    Contact AIA

    1800 333 613

    PO Box 6111
    Melbourne VIC 3004

    infohub@aia.com

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    Copyright © 2021. AIA Group Limited and its subsidiaries or affiliates. All rights reserved. Priority Protection and Priority Protection for Platform Investors products are issued by AIA Australia Limited (ABN 79 004 837 861, AFSL 230043). AIA Vitality, a personalised, science-backed program that supports members every day to make healthier choices, is available with eligible products issued by AIA Australia. AIA Health with AIA Vitality is issued by AIA Health Insurance Pty Ltd ABN 32 611 323 034, a registered private health insurer governed by the Private Health Insurance Act 2207, Private Health Insurance Rules 2007 and the AIA Health Insurance Pty Ltd Fund Rules. The information on this website is current as at 1 April 2021 and may be subject to change. It is general information only and is not intended in any way to be financial, legal, tax, health, medical, nutritional or other advice. You should consider your own personal circumstances and needs and view the relevant product documents, fact sheets, fund rules and terms and conditions before making a decision to acquire such products. If necessary you should obtain professional advice from a financial, tax, medical or health professional. Unless expressly stated, any views or expressions of opinion (including any video content) do not represent the opinion of AIA.
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