APRA

Recommendation 1.12 – Valuation of land On 25 March 2019, APRA released for public consultation proposed revisions of Prudential Standard APS 220 Credit Quality. Consultation closed on 28 June 2019. APRA intends to finalise the standard in the second half 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 …

4.3 — Deferred sales model for addon insurance

A Treasury‑led working group should develop an industry‑wide deferred sales model for the sale of any add‑on insurance products (except policies of comprehensive motor insurance). The model should be implemented as soon as is reasonably practicable. Government Response The Government 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 …

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. Government Response The Government agrees, consistent with the Government response to Recommendation 3.4 (about the hawking of superannuation products), that hawking of Read More …

2.5 — Life risk insurance commissions

When ASIC conducts its review of conflicted remuneration relating to life risk insurance products and the operation of the ASIC Corporations (Life Insurance Commissions) Instrument 2017/510, ASIC should consider further reducing the cap on commissions in respect of life risk Read More …