The case revives a central issue raised during the financial services royal commission – vertical integration of banking and financial advice.
and a former employee negligently voided $400,000 in life insurance policies when pushing an ill man to switch superannuation providers to its wealth offshoot MLC shortly before he died, his wife alleges.
risk that a new insurer including MLC could exclude cover ... or could deny a claim,” documents filed by Ms Sneddon at the Victorian Supreme Court read. Ms Sneddon claims her and her husband, who ran a landscaping business that employed her as a bookkeeper, previously had two life insurance policies via superannuation accounts with AMP and Hostplus, collectively worth nearly $400,000. In March 2015, they sought financial advice from NAB, with Mr Sneddon’s severe blood clotting condition allegedly noted in a client profile form in November the same year.
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