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 …
Tag: exemption
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 …
Recommendation 2.6
Recommendation 2.6 – Review of each remaining exemption from the ban on conflicted remuneration. This review will occur as part of the review of measures to improve the quality of financial advice (recommendation 2.3)
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 …
Recommendation 4.8
Removal of claims handling exemption On 1 March 2019, the Government released a consultation paper: Insurance Claims Handling. This paper looks at the removal of the exemption for insurance claims handling from the definition of ‘financial service’ under the Corporations Read More …
4.8 — Removal of claims handling exemption
The handling and settlement of insurance claims, or potential insurance claims, should no longer be excluded from the definition of ‘financial service’. Government Response The Government agrees to remove the exemption for the handling and settlement of insurance claims from 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 …