Measures to Improve Consumer Protections

  • Recommendation 1.7 – Removal of pointofsale exemption
  • Recommendation 1.15 – Enforceable code provisions for industry codes of conduct
  • Recommendation 2.1 – Annual renewal and payment for financial advice
  • Recommendation 2.2 – Disclosure of lack of independence of financial advisers
  • Recommendation 3.1 – No other role or office for trustees of Registrable Superannuation Entities (RSE)
  • Recommendation 3.2 – No deducting advice fees from MySuper accounts
  • Recommendation 3.3 – Limitations on deducting advice fees from choice superannuation accounts
  • Recommendation 3.4 – No hawking of superannuation products
  • Recommendation 4.1 – No hawking of insurance products
  • Recommendation 4.3 – Deferred sales model for add-on insurance
  • Recommendation 4.4 – Cap on commissions paid to vehicle dealers for sale of addon insurance products
  • Recommendation 4.5 – Duty to take reasonable care not to make a misrepresentation to an insurer
  • Recommendation 4.6 – Limiting circumstances where insurers can avoid life insurance contracts
  • Recommendation 4.8 – Removal of claims handling exemption
  • Additional commitment in response to Recommendation 4.2 – Restricting use of the term ‘insurer’ and ‘insurance’