AIA welcomes Life Insurance Code of Practice

AIA/insurance/Life-Insurance-Code-of-Practice/

4 July 2017
| By Jassmyn |
image
image
expand image

Life insurer AIA Australia has welcomed the commencement of the Financial Services Council’s (FSC’s) Life Insurance Code of Practice as of 1 July 2017.

AIA Australia and New Zealand chief executive, Damien Mu, said the code was an important first step in building confidence with Australian consumers.

“The purpose of the code is to provide greater clarity and transparency to deliver a better outcome for life insurance customers, and I am pleased that AIA Australia is fully compliant,” Mu said.

“In the life insurance industry, we need to continually strive to improve. Thus, we need to continue to evolve the code, and ultimately we should look to have it registered with ASIC [the Australian Securities and Investments Commission].”

The code is designed to protect consumers by promoting higher standards of service, setting benchmarks of consistency within the industry and establishing a framework for professional conduct.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 3 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 2 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 1 day ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

2 weeks 6 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND