NAB supports enforceable life insurance code
The National Australia Bank (NAB) has told a Senate Committee that it will not oppose the Life Insurance Code of Practice becoming registered with the Australian Securities and Investments Commission (ASIC) and therefore legally enforceable.
However NAB chief customer officer, consumer and wealth, Andrew Hagger has told the Parliamentary Joint Committee on Corporations and Financial Services that he believes registration of the code with ASIC should not occur before it also covers superannuation funds.
“This is a several-step process,” he said. “Step No. 1 was to establish the code. That is what has happened so far. You are talking about the next step, which is to make it an enforceable code of conduct.”
Hagger said the next step was to bring in the parties not subject to the code, particularly the superannuation industry.
“Once that occurs, the industry is in a situation where it may be the right thing to do, to take that next step to be an enforceable code,” he said.
Asked specifically whether NAB and MLC supported the code being registered with ASIC, Hagger said they did, once the whole industry was across the line.
“If ASIC wants to register it [the code] and the various things that go along with that, then it will be a natural step when the moment comes.” he said.
Recommended for you
With regional and rural suburbs exhibiting high spare capacity to invest, Money Management speaks to three regional advisers on the opportunities beyond the major cities and the importance of a strong network.
Platform consolidation is expected to accelerate among financial advisers this year, as software company Finura pinpoints which two platforms are set to be the winners, thanks to this trend.
The software provider has made several appointments in its APAC wealth propositions team, with a focus on driving growth across digital advice, Xplan and strategic partnerships.
The platform has announced it plans to close its Xplore managed discretionary account service in 2026 which holds $2 billion in funds under administration.
