Insurance

Recommendation 4.1 – Hawking InsuranceNo hawking of insurance products Recommendation 4.2 – Funeral Expenses ExemptionsRemoving the exemptions for funeral expenses policies Recommendation 4.3 – Insurance – Deferred Sales ModelDeferred sales model for add-on insurance Recommendation 4.4 – Vehicle Dealer CommissionCap Read More …

End 2019

ASIC Banning PowersAdditional CommitmentASIC’s power to ban people in the financial sector (ASIC Enforcement Review) ASIC Licensing PowersAdditional CommitmentASIC’s licensing powers (ASIC Enforcement Review) ASIC Search Warrant PowersAdditional CommitmentASIC’s search warrants powers (ASIC Enforcement Review ASIC Telecoms Interceptions PowersAdditional CommitmentASIC’s Read More …

Measures to Improve Consumer Protections

Recommendation 1.7 – Removal of point‑of‑sale 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 Read More …

Measures to improve consumer protections

Recommendation 1.2 – Mortgage broker best interests duty Recommendation 1.3 – Mortgage broker remuneration (consistent with the Government’s response) Recommendation 2.4 – Ending grandfathered commissions for financial advisers (legislation introduced on 1 August 2019) Recommendation 4.2 – Removing the exemptions Read More …

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. Government Response The Read More …

Recommendations – Insurance

Recommendation 4.1 — No hawking of insurance Recommendation 4.2 — Removing the exemptions for funeral expenses policies Recommendation 4.3 — Deferred sales model for add‑on insurance Recommendation 4.4 — Cap on commissions Recommendation 4.5 — Duty to take reasonable care Read More …

2.6 — General insurance and consumer credit insurance commissions

The review referred to in Recommendation 2.3 should also consider whether each remaining exemption to the ban on conflicted remuneration remains justified, including: the exemptions for general insurance products and consumer credit insurance products; and the exemptions for non‑monetary benefits Read More …