26 September 2019 13:01
The regulatory journey has just begun for the life risk advice insurance industry, former Australian Labor Party MP Bernie Ripoll, said.
Kenneth Hayne made a recommendation around life insurance and risk but has given the sector the chance to prove its own structures and models, particularly around commissions, Ripoll said.
ASIC’s formal review of the risk advice sector starts in 2021 but the regulator is already gathering information relating to quality and appropriateness of advice.
AIA, ALP, Bernie Ripoll, Comissions, commissions, risk
1
The Council of Australian Life Insurers (CALI) has released its formal response to 85 recommendations included in a review of the Life Insurance Code by former ASIC deputy chair Peter Kell. The peak life insurance body says it supports 47 of the recommendations fully or with some qualification and has set out a timetable for working through the rest.
Professional Planner is the leading voice for financial planners where they can learn about industry standards, get news, information, debate and develop new ideas.
We acknowledge the Traditional Custodians of this land upon which Conexus Financial sits, the Cadigal of the Eora Nation. We recognise their continuing connection and unique cultural and spiritual relationships to the land, waters and community. We pay our deepest respects to them and their culture, and to Elders both past and present.
Leave a Comment
You must be logged in to post a comment.