Morning Briefing: New industry group opposes tougher regs for brokers

New industry group opposes tougher regs for brokers… Canadians urged to fit smoke alarms… AIG helps Irish retailer enter insurance space… IAG appoints new CEO…

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New industry group opposes tougher regs for brokers
A new group backed by the insurance industry is helping advisors from across the financial sector to voice their opposition to US government plans to force tougher fiduciary regulations on brokers handling retirement funds. The group says that it is “working to fix a proposed regulation from Washington that would make it harder and more expensive for average Americans to get trusted savings advice and financial solutions as they plan for retirement.”

On its website protectmyretirementchoices.org it highlights that those with lower asset levels would be forced to use ‘robo-advisors’ rather than brokers and cites a similar scheme in the UK which it says meant that 310,000 investors lost access to personal investment advice. The group is backed by the American Council of Life Insurers, the National Association of Insurance and Financial Advisors as well as other stakeholders.
 
Canadians urged to fit smoke alarms
As Ontario marks Fire Prevention Week the insurance industry is reminding consumers of the importance of fitting smoke alarms in their homes. The Insurance Bureau of Canada’s Doug DeRabbie says that "Roughly half of home fire deaths result from fires reported at night between 11pm and 7am.” The IBC has created a ten-point plan including installing and regularly checking smoke alarms, having an emergency preparedness plan for the family and assembling a disaster safety kit.
 
AIG helps Irish retailer enter insurance space
Insurance giant AIG has partnered with Irish firm SuperValu to enable the retailer to sell insurance products to its customers. SuperValu says it is moving into the insurance sector following demand from its 2.6 million customer base to provide home and auto policies. However the Consumers Association of Ireland is urging consumers not to automatically take up the supermarket’s insurance products just because they shop there. The association’s Dermott Jewell told the Irish Mirror that: “There is a problem in Ireland with rising costs of car and home insurance, and unless they are decidedly competitive, it is not necessarily a game changer.”
 
IAG appoints new CEO
Australia’s largest domestic insurance firm IAG has appointed a new CEO. Peter Harmer, former head of its CGU business, will succeed Mike Wilkins who steps down next month after 7 years. Wilkins has presided over a period of growth for the insurer which has included expanding its footprint in Asia and transactions including a partnership with Berkshire Hathaway
 

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