FSC welcomes Trowbridge recommendations
The Financial Services Council (FSC) is backing the Trowbridge Report's call for structural reform of the life insurance and advice industries.
FSC chief executive, Sally Loane, described the report as "comprehensive", saying it covered a range of issues the Australian Securities and Investments Commission (ASIC) Review of Retail Life Insurance and Advice, and the Financial System Inquiry.
"We welcome the Trowbridge Report and will now take the time to consider these independent findings in consultation with our members," Loane said.
"The industry needs to absorb Mr Trowbridge's recommendations and consider the complex, interrelated issues.
"Consumer must be at the centre of these considerations. Our aim is to ensure more Australians have access to quality advice and are covered for their most valuable assets — their lives and their quality of life.
"We commenced this process with the Association of Financial Advisers to help the advice and life insurance industries find a way to solve structural issues that were undermining trust and confidence and leading to poor consumer outcomes.
"Bringing the life and advice industries together to undergo an open and independent process in search of reform solutions — including changes in the culture of the industry as a whole − was a ground-breaking approach.
"John Trowbridge has conducted an extensive, thorough review that is of the highest quality. This has involved countless hours of consultation with a wide range of stakeholders including regulators, government, industry and consumer groups."
"Members of the FSC have also provided a significant contribution through information and consultation to the process."
AUTHOR
Nicholas O'Donoghue
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