Recommendation 4.1 – No hawking of insurance
Consistently with Recommendation 3.4, which prohibits the hawking of superannuation products, hawking of insurance products should be prohibited.
Recommendation 4.2 – Removing the exemptions for funeral expenses policies
The law should be amended to:
- remove the exclusion of funeral expenses policies from the definition of ‘financial product’; and
- put beyond doubt that the consumer protection provisions of the ASIC Act apply to funeral expenses policies.