Implementation Roadmap

Financial Services Royal Commission Implementation Roadmap August 2019 Restoring trust in Australia’s financial system © Commonwealth of Australia 2019 This publication is available for your use under a Creative Commons Attribution 3.0 Australia licence, with the exception of the Commonwealth Read More …

Review of the effects of vertical and horizontal integration in the financial system

The Government agrees that understanding the longer term market implications of integration is an important component of promoting competition in the financial system, and supports the ACCC considering integration issues where they are identified as part of its market studies Read More …

4.13 — Universal terms review

Treasury, in consultation with industry, should determine the practicability, and likely pricing effects, of legislating universal key definitions, terms and exclusions for default MySuper group life policies. Government Response The Government agrees to review the merits of legislating universal key Read More …

4.7 — Application of unfair contract terms provisions to insurance contracts

The unfair contract terms provisions now set out in the ASIC Act should apply to insurance contracts regulated by the Insurance Contracts Act. The provisions should be amended to provide a definition of the ‘main subject matter’ of an insurance 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 …