FSC releases life Code of Conduct

Code of Conduct FSC Insurers advisers

11 October 2016
| By Mike |
image
image
expand image

The Financial Services Council (FSC) has released its life insurance industry Code of Practice which will be governed by an independent body to ensure compliance.

Launching the Code today, FSC chief executive, Sally Loane said an independent report undertaken by Herbert Smith freehils showed the Code expanded the range of obligations imposed by other financial services codes and exceeded the standards imposed by existing law in many areas.

"In a number of areas it is ground breaking self-regulation," she said. "Life insurers have come together to develop the Life Insurance Code of Practice as a demonstration of just how serious we are about improving our industry standards for the benefit of all Australians."

Loane said the Code's consumer protections would be strengthened by an independent governance framework outside the FSC, via a Life Code Compliance Committee which will comprise of three independent experts including a consumer advocate.

She said the Committee would have the power to ensure insurers' compliance with the Code.

Where financial advisers are concerned, Loane said the Code's first iteration was as "a code for consumers".

"The relationship between insurers and financial advisers is an important but different one, and we are committed to working with the peak adviser organisations to address mutual obligations," she said..

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

3 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 8 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 days 6 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 9 hours ago