Recommendation 7.3 – Exceptions and qualifications As far as possible, exceptions and qualifications to generally applicable norms of conduct in legislation governing financial services entities should be eliminated. Recommendation 7.4 – Fundamental norms As far as possible, legislation governing financial Read More …
Tag: Simplification
6.3 What the case study showed
6.3.1Use of the tax surplus Counsel Assisting submitted that SPSL, by its conduct in relation to the tax surplus, may have contravened the best interests obligations; the duty to exercise the degree of care, skill and diligence a prudent superannuation Read More …
6.2 Evidence
6.2.1Payments to Suncorp Life SPSL and Suncorp Life share the administration of the Master Trust. SPSL currently provides administration services to 75% of its membership, and Suncorp Life provides administration services to the remaining 25%.[1] Before a recent rebalancing between Read More …
4.4 Changing the pricing for the IPS Fund
In 2018, IIML decided to make some pricing changes as part of ‘Project Evolve’, a broader strategy to simplify IIML’s administration systems.[1] According to an internal analysis presented to IIML’s leadership group, 29,263 members of IOOF Employer Super (IES) would Read More …
3 Simplification so that the law’s intent is met
Many submissions responding to the Interim Report supported simplification of financial services laws.[1] Industry, community groups and regulators agreed the current law is too complex. The effect of legal complexity on each of these groups differs. What would be achieved Read More …
2 Legal assistance and financial counselling services
The asymmetry of knowledge and power between consumers and financial services entities has been evident throughout the Commission’s work. Financial products and services have grown ever more complicated, numerous, and difficult to distinguish. Engagement with the financial services industry, by Read More …
Introduction
In the previous chapters I have sought to explain the conclusions and recommendations I have reached about many of the issues that have arisen in the course of the Commission’s work. For the most part, the issues dealt with in Read More …
2 The life insurance industry
The life insurance industry is now a significant part of the Australian economy. In the year ending 31 March 2018, life insurers in Australia earned over $18 billion in direct premiums from consumers.[1] At that time, the value of total Read More …
3.7 Other important steps
External dispute resolution Recommendation 7.1 – Compensation scheme of last resort The three principal recommendations to establish a compensation scheme of last resort made by the panel appointed by government to review external dispute and complaints arrangements made in its Read More …
1.5 Underlying principles and general rules
In my Interim Report I asked many questions. As I said at that time, I sought to provoke informed and useful debate about the issues that have emerged in the course of the Commission’s inquiries. Many of those questions were Read More …