The Parliamentary Joint Committee (PJC) Inquiry into the Life Insurance Industry will now release its final report three months after the commencement of the Life Insurance Framework regime.
The PJC will hand down its report on 31 March, 2018 after the Deputy Chair of the PJC, Senator Deborah O’Neill requested in the Senate a third extension to its reporting date.
The new reporting date is nine months later than the original date of 30 June 2017, which was set when the inquiry was first established on September 2016 (see: Life Insurance Set For New Parliamentary Review).
In March of this year the date was extended to 31 October, 2017 and in September, a second extension was granted, moving the reporting date to 7 December 2017 (see: Life Insurance Inquiry Reporting Date Extended Again), which has now been replaced with the most recent extension.
The news follows the announcement the PJC will hold a seventh public hearing on 1 December in Canberra. The program has not yet been released for the hearing but it is understood representatives from ASIC and life insurers will be asked to appear before the Committee.
Yep so the FSC purposely delay the real Churn figures until after LIF is actually introduced as we all know it was a complete con job and Churn is a tinny issue, that the Life Insurers should have dealt with themselves.
LIF is really about flogging more direct dodgy insurance at the demise of the Life Adviser.
ODwyer, when these dodgy direct policies blow up and don’t pay out due to underwriting at claim, the blame should be directed right at you. ODwyer, please go back and work directly for NAB and stop pretending you aren’t working for the Banks and insurance companies.
I agree with you Adam…. This has been the biggest kick in the face to Risk advisers. I have lost all confidence in the industry and people that run it. The amount of politics that have been played throughout this this saga, we will never truly know but someone is getting their pockets filled.
The Government, ASIC, FSC, the toothless AFA and FPA should take full responsibility for the future problems that this industry will face. It is clear that the abovenamed have decided that if the consumer want insurance they will need to go direct to the insurer or purchase through superannuation, The only winners from this will be the lawyers and solicitors when you have claimants knocking down doors because their claim was not paid because the consumer didn’t understand the contract and the rules.
The two reports that have been recently released by ASIC have shown that there is NO issue with churning or at least no where near to the extent of what ASIC had portrayed, AND the insurance companies ARE paying claims. So what is it that was the problem with the industry again….? Insurance don’t like how the system is set up because they are not making enough money so lets cut out the middle man, the poor old risk adviser!!
WHAT A JOKE…….
We work in a great industry but the people running this show are a disgrace. The one decent thing they could do is be honest and tell us how it is and more importantly how its going to be.
I would love to know the questions that are going to be asked of ASIC and the INSURERs ??
New direct ones I hope like where did these outrageous figures on churning and bad SOA advice come from ? Who promised who what ? How long did you think the advisers would sit still and have it dealt out to them like 6 year olds that have just poked the dog in the eye
Really if it’s going to be extended yet again ask the hard questions take a real in-depth look at this floored legislation who put it forward and why ?? What is the real agenda behind all this ??
Then and only then might we get the truth out in the open where it can be dealt with by reasonable people who know the industry and how it works
Rescinding the legislation ?? Harder things have been done Arresting those responsible for misleading and deceptive conduct ?? Or maybe major stupidity would be easier?
We all know something has to change but I sincerely doubt it
ASIC refused to release how they came about the findings of 413 which are now proven to be flawed.
The FSC con job was to not release the true data showing churn was not an industry issue until after the LIF was passed and as a corrupt cartel have all been increasing rates on their existing books.
The LIF will force more customers to the dodgy direct products just as the FSC want.
These are the questions we want answered.
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