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 …
Tag: product
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 …
Recommendation 4.13
Undertake a review of the merits of universal terms for MySuper products From 28 March to 26 April 2019, the Government consulted on a consultation paper: Universal terms for insurance within MySuper. The Government is considering its response to the Read More …
Extension of legislation for PIP/DDO
The Government agrees with the suggestion by the Commissioner to extend the proposed DDOs to apply to NCCP Act products and ASIC Act products and the ASIC PIP to apply to ASIC Act products. The extension of the DDOs will Read More …
4.4 — Cap on commissions
ASIC should impose a cap on the amount of commission that may be paid to vehicle dealers in relation to the sale of add‑on insurance products. Government Response The Government agrees to provide ASIC with the ability to cap commissions Read More …
4.3 — Deferred sales model for add on 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 …
3.4 — No hawking
Hawking of superannuation products should be prohibited. That is, the unsolicited offer or sale of superannuation should be prohibited except to those who are not retail clients and except for offers made under an eligible employee share scheme. The law 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 …