John Brogden<\/strong>, confirmed today that the Council was no longer proceeding with its application.<\/p>\nMr Brogden said that the FSC had been consulting with industry bodies, regulators, consumer groups and the Government in relation to the policy, but advised that the Council no longer had unanimity on the approach.<\/p>\n
\u201cThe proposed framework raised a complex set of factual, legal and economic issues from a competition perspective which meant that it would have required regulatory approval in order to be implemented. There was no guarantee that such approval would be obtained,\u201d Mr Brogden said.<\/p>\n
He added that the FSC remained committed to ensuring a sustainable life insurance sector which will deliver outcomes for the community and the industry participants.<\/p>\n
Synchron Director, Don Trapnell<\/strong>, who has been an outspoken critic of the policy, said today\u2019s announcement was very welcome.<\/p>\n\u00a0… it was wrong for the FSC to try to introduce an anti-competitive policy<\/h6>\n
\u201cIt proves that our stance was correct, and that it was wrong for the FSC to try to introduce an anti-competitive policy,\u201d he told riskinfo.<\/p>\n
Mr Trapnell added that the group was prepared to take action if the FSC had proceeded with its application to the ACCC.<\/p>\n
\u201cWe were prepared to fight this. We had already briefed our lawyers, and had the FSC taken the policy to the ACCC we would have engaged our legal team to protect the rights of our advisers and their clients,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Financial Services Council (FSC) has confirmed it will not proceed with its controversial insurance framework (churning) policy.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[282,259,8,270],"tags":[],"class_list":{"0":"post-19149","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-associations","7":"category-breaking","8":"category-compliance-regulation","9":"category-remuneration"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/19149","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=19149"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/19149\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=19149"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=19149"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=19149"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
![\"John](\"https:\/\/riskinfo.com.au\/news\/files\/2013\/02\/John-Brogden.jpg\")
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