Westpac’s wealth management arm BT Financial Group says an independent review of its denied total and permanent disability (TPD) claims revealed “no material or systemic issues”.
BTFG said in a statement that the review found that its TPD claim denials were “evidence based” and "transparent”, and that “there were no material or systemic issues identified”.
The review was conducted by an independent legal firm with oversight from EY, and confirmed that "no TPD claim had been incorrectly denied", BTFG said.
The independent review aimed to investigate BTFG’s denied 141 TPD claims over a three-year period that were disclosed to ASIC as part of its own life insurance review.
ASIC announced its review in March last year and released the results in October without revealing the names of the insurers.
BTFG general manager insurance Sue Houghton said the review highlights the need for standardised reporting and increased transparency.
“We have been open about our claims data, this review and the outcome,” she said.
“We strongly believe the same level of transparency is needed across the industry so consumers are not misled by confusing and misleading headlines.
“All insurers need to report claims outcomes using common definitions and data to help restore consumer confidence in an essential financial product for many Australians.”
The ifa Excellence Awards are back in 2021 and nominations are now open! This prestigious accolade recognises exceptional professionals within the financial advice industry, shining a light on the outstanding achievements from the nation's best and brightest. If this sounds like you or someone you know, then nominate today for the ifa Excellence Awards 2021!
The latest ASIC estimated industry funding levy proves that the current formula is “not equitable or sustainable” according to FPA. ...
An industry body says it is in favour of a change in government as the Coalition have “unfairly targeted” financial advisers. ...
The corporate regulator's cost recovery implementation statement for the 2021 financial year indicates the costs allocated by ASIC to the advice secto...