The Financial Services Council (FSC) has moved to adopt its Life Code of Practice confirming that it began as a voluntary code for all life insurance members from 1 October.
The Code, which recently received criticism for not including the role of advice and advisers in the provision of life insurance, will become mandatory for the FSC’s life insurance members from 1 July 2017.
The FSC has yet to release the version of the Code it adopted after it made a draft version available for public consultation and comment on 10 August but stated it had made some changes, following the receipt of a small number of submissions, and would release full details on 11 October.
The Code was originally slated for release on 1 July but was pushed back to the 1 October date in late June to allow the FSC to further develop some areas, including sales practices and claims handling, after receiving feedback from consumer groups.
In related news, the FSC announced its Director of Policy, Andrew Bragg has resigned and would leave the organisation at the end of November. Bragg had been in the role since 2014 having joined the FSC’s policy team in 2009 and will seek a role in the public policy arena.
FSC Chief Executive, Sally Loane said Bragg had helped deliver “positive outcomes for the financial services industry through advocacy and fact-based research” and that “he was also instrumental in initiating the Trowbridge review into the life insurance industry”.
FSC becomes more farcical with each desperate move to get the LIF done. Wow a code adopted that no one has seen and so quickly after the initial code version was a complete joke. No shame ever from FSC
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