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 …

June 2020

Enforceable Code ProvisionsRecommendation 1.15Enforceable code provisions for industry codes of conduct Mortgage Brokers – Reference CheckingRecommendation 1.6Reference checking and information sharing for mortgage brokers Point of Sale ExemptionRecommendation 1.7Removal of Point of Sale Exemption Financial Advice Annual RenewalsRecommendation 2.1Annual Renewal Read More …

ASIC

Recommendation 2.5 – Life insurance commissions review ASIC will include the factors identified by the Royal Commission in undertaking its post implementation review of the 2017 life insurance reforms. ASIC’s review will take place in 2021. Recommendation 6.2 – ASIC’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 …

4.14 — Additional scrutiny for related party engagements

APRA should amend Prudential Standard SPS 250 to require RSE licensees that engage a related party to provide group life insurance, or who enter into a contract, arrangement or understanding with a life insurer by which the insurer is given Read More …