Newspaper icon
The latest issue of Financial Standard now available as an e-newspaper
READ NOW

Search Results

Showing 61 - 70 of 72 results for "Life Insurance Code"

Life Insurance Code targets self-regulation

MARK SMITH  |  TUESDAY, 11 OCT 2016
... the ability to sanction insurers who do not comply with a new set of standards laid out in an industry-wide Life Insurance Code of Practice produced by the Financial Services Council (FSC). The new code, released today, goes beyond what is required by ...

Industry bodies united on group insurance

JAMIE WILLIAMSON  |  MONDAY, 10 OCT 2016
On the eve of the Financial Services Council publishing its Life Insurance Code of Practice, industry bodies have collectively reinforced their beliefs on the purpose of group insurance in superannuation. The Association of Superannuation Funds of Australia ...

Adviser reform about recovering social licence

MARK SMITH  |  THURSDAY, 6 OCT 2016
... measures would have the most impact in improving things for consumers, the highest proportion (30%) felt a life insurance code would be the most effective. Remuneration changes was third with 12%, while 10% felt the LIF would not have any impact at all. ...

Life insurance code needs clarity: FPA

KERRIE SYDEE  |  THURSDAY, 22 SEP 2016
... (FPA) has called for greater clarity around the overarching purpose of the Financial Services Council's (FSC) Life Insurance Code. In its latest submission to the FSC the FPA noted that while the current draft has made some progress compared to other ...

Mark Dunsford attacks FSC over life reforms

JAMIE WILLIAMSON  |  THURSDAY, 1 SEP 2016
... market and provide an appropriate transition over two years." The FSC has also recently released its draft Life Insurance Code of Practice for public consultation. The code considers all life insurance services and policy types, including TPD, trauma ...

ASIC needs to focus on prevention, not cure

ALEX BURKE  |  THURSDAY, 21 JUL 2016
... distribution and saddling them with highly restrictive APLs." Swanson expressed his support for the FSC's life insurance code of conduct, because it was putting an emphasis on internal accountability. "We have to admit that as an industry, we only change ...

FSC defends industry self-regulation

ALEX BURKE  |  WEDNESDAY, 9 MAR 2016
The FSC has said a life insurance code of conduct is "well underway" following the news that the issue will now be raised in the Senate's Scrutiny of Financial Advice inquiry. On March 8, Senator John Williams amended the inquiry to include a scrutiny ...

Industry moves away from upfront commissions

LAURA MILLAN  |  THURSDAY, 25 JUN 2015
... fee-for-service basis. As part of the industry-wide effort to improve the quality of risk advice, the FSC will develop a life insurance code of conduct by July 1, 2016. The code will be similar to the existing codes for banking and general insurance ...

FEATURE: Where next for risk advice?

ALEX BURKE  |  TUESDAY, 28 APR 2015
... retail life providers on its APL; that licensees and advisers address cultural barriers to reform; and that a Life Insurance Code of Practice is developed, modelled on the General Insurance Code of Practice. The report follows on with four implementation ...

Frydenberg sets fuse on Trowbridge time bomb

MARK SMITH  |  WEDNESDAY, 15 APR 2015
... end to non-commission benefits, the inclusion of more providers on approved product lists and introducing a Life Insurance Code of Practice. "I think these are all really worthy of consideration," said Frydenberg. "My preference is that it is the industry ...