In response to the devastating floods in Queensland, New South Wales and Victoria, the financial services industry is offering significant practical and financial support for the flood victims and their families.
Announcements of support made by the Government, adviser associations and life companies to date include:
Federal and Queensland Governments
The Federal and Queensland Governments met with insurance companies and industry representatives on Friday 14th January to assist in the resolution of claims stemming from the devastation caused by the floods.
Treasurer Wayne Swan and Assistant Treasurer Bill Shorten also worked with the big four banks, the Bank of Queensland, Suncorp and the Bendigo Bank who have all agreed to a moratorium on foreign ATM fees in Queensland’s flood declared postcodes.
Association of Financial Advisers
The AFA Foundation has launched an appeal for victims of the Queensland floods. AFA Foundation Chair, Brian Boggs said, “It is truly heartbreaking to see the devastating floods sweeping throughout Queensland and Northern NSW. Our thoughts and prayers are with those and their families during this natural disaster.”
Anyone wishing to contribute can do so by visiting the AFA website.
Financial Planning Association
The FPA is showing its support for victims of the Queensland floods with the offer of free financial advice to affected residents.
The FPA has established the Financial Planning Pro-Bono Referral Service to connect people affected by the floods with a local financial planner.
“It is important to the FPA and our members to be able to support flood victims and the best way for us to do this is by providing free, professional advice to help people get back on their feet at a time when many are struggling to cope with the loss of homes, personal possessions and probably their financial records,” said Mark Rantall, FPA CEO.
Financial Services Council
The FSC’s members are:
- Advance paying a portion of life cover to affected families of flood victims on a case-by-case basis
- Fast-tracking flood related inquiries through all channels, including boosting available resources for call centres
- Dedicating resources to ensure that claims are assessed swiftly and compassionately
- Proactively identifying customers who live in flood affected postcodes in anticipation of potential claim
Asteron has expressed its concern and pledged funds via the wider Suncorp Group. In addition, any new claim notifications relating to flood claims will immediately be referred to and tracked by the First Response Team in Claims.
Any advisers who are personally effected, or have clients impacted that need special consideration from Asteron or Suncorp Life should contact the Customer Service Centre on 1800 221 727.
MLC will be offering premium relief on MLC Life Insurance policies for those Qld and Northern NSW residents experiencing financial hardship as a result of the floods. Each case for premium relief will be assessed on its particular circumstances, and a consultant will confirm the premium relief MLC will be able to offer.
This summary is not intended to be compared but rather seen as a combined industry response. Further initiatives from a number of these organisations are set to be announced in the coming days and weeks.