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Les Vela

FMA cancels Wise Insurance's FAP licence after fake policy scam, director Le Zhou charged over $260K commission fraud.

Insurers spend $34 million on soft commissions

FMA report details how nine life and health insurance companies spent $34 million on non-financial incentives like trips, business support and conferences for financial advisers over a two-year period.

FMA welcomes Commerce Commission settlement in Credit SaILS investigation

FMA has today welcomed the Commerce Commission's settlement with five companies in relation to the Commission's Credit SaILS investigation, which creates a settlement fund of $60 million to be distributed to investors who lost money when Credit SaILS failed in 2008.

Conflicted remuneration (soft commissions) in the life and health insurance industry

This review examines the soft commission structures in place for life and health insurance products and how advisers respond to these incentives. This work forms part of a range of regulatory activities examining conflicted conduct in the insurance sector.