Life Code Compliance Committee sees almost double code breach self-reports

26 September 2019
| By Chris Dastoor |
image
image
expand image

Code subscribers to the Life Insurance Code of Practice self-reported 43 breaches of the code, an increase from 23 the year before, according to results from the Life Code Compliance Committee 2018-2018 annual report.

The independent committee, which monitored and enforces industry compliance, had received 198 code breach allegations, focussed on non-timely processing of claims and complaints.

The root causes of self-reports and referrals were similar to 2017-18, however the overall volume was higher as it was the second year of code operation with members and the public gaining further familiarity.

Anne Brown, committee chair, said they would continue to focus on efficient monitoring and enforcement of the code.

“As a key stakeholder, we will also continue to contribute to the Code review project,” Brown said.

We encourage the FSC [Financial Services Council] and industry to maintain momentum on this important project, to fulfil post-Royal Commission regulatory and community expectations.”

The report also completion of its inaugural annual data compliance program in Mach, publishing 17 determinations and issued the committee’s first notice of sanction to a code subscriber.

They had also formally responded to initial consultation by the FSC on the second draft of the code, and launched high-level meetings between the committee and code subscribers boards and executive teams to discuss compliance matters.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 5 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....

17 hours 38 minutes ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 3 days ago