- FoFA Amendments Become Law;
- LIF Laid up in Senate;
- ANZ Closes Group Insurance Option on Platforms
FoFA Amendments Become Law
The last batch of amendments to the Future of Financial Advice (FoFA) reforms have become law after receiving Assent on 18 March.
The amendments, titled Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014, first entered the House of Representatives on 19 March 2014 and moved to the Senate by September 2014, were they were stalled until 24 Nov 2015. At that time further changes were made by the Senate which required the approval of the lower house and on 1 March this approval was granted.
The amendments extend the timeframe for advisers to send opt-in notices and have been regarded by the Government as the last changes it was to make to the FoFA legislation.
LIF Laid up in Senate
The legislation that would create the Life Insurance Framework is currently sitting before the Senate awaiting a second reading despite a Senate committee recommending the bill be passed without changes.
The Corporations Amendment (Life Insurance Remuneration Arrangements) Bill 2016 will require a second reading before it can be passed and gain Assent, making it law. However, this process may be extended with a third reading and/or a referral to the House of Representatives if the Senate makes any changes.
At the time of publication the second reading of the bill had been moved on 16 March but had yet to take place.
ANZ Closes Group Insurance Options
ANZ will close its group insurance option for new Death only and Death and Total and Permanent Disablement (TPD) cover available through its OneAnswer and OptiMix super offerings, while keeping it open on its OneCareSuper.
The change will take place from 2 May 2016 and will not affect people currently holding Death only or Death and Total and Permanent Disablement (TPD) cover through the group option.
