Do you get confused by insurance jargon? Here are some abbreviations your insurance broker or insurer might use and what it all means:
ACCC Australian Consumer and Competition Commission
AFS Australian Financial Services
APRA Australian Prudential Regulation Authority
ASIC Australian Securities and Investments Commission
CA Corporations Act 2001
FSG Financial Services Guide
General Advice A statement of opinion or recommendation in general terms.
ICA Insurance Contracts Act 1984
Intermediary A person who either acts for or on behalf of the client, or for or on behalf of the insurer, and is a Licensee or Authorised Representative (e.g. an insurance broker or an underwriting agency / general managing agency).
LoE Letter of Engagement Licensees Holders of an Australian financial services licence
PDS Product Disclosure Statement
Personal Advice A statement of opinion or recommendation where the adviser has considered one or more of the person’s needs, objectives and financial situation (or a reasonable person would have expected the adviser to have done so.
SoA Statement of Advice
TPA Trade Practices Act
Gillian Lilley
Freelance Business Writer
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