Life insurance companies\u00a0have been served notice by the Australian Securities and Investments Commission (ASIC), requiring them to provide data for a project relating to inappropriate insurance switching.<\/p>\n
<\/p>\n
ASIC Deputy Chair, Peter Kell<\/strong>, confirmed today that the first phase of the regulator\u2019s investigation into life insurance advice provided to retail customers was well underway. ASIC\u00a0said in August that it would be undertaking the project, to investigate whether advisers are acting in the best interests of clients when advising them to switch life insurance policies (see: Risk Advice in ASIC Spotlight<\/a>).<\/p>\n \u201cWe have served notice on a range of insurers whose products are being distributed through personal advice, to gather information at this stage, on how the industry is working and the sorts of policies that are being provided.<\/p>\n \u201cThese notices require insurers to give us information about policy types, with a focus on distribution channel, remuneration models, commission types, so on and so forth,\u201d said Mr Kell<\/p>\n Riskinfo understands that life companies have been given until the end of November 2013 to comply with ASIC\u2019s requests for data, and that the information to be supplied is detailed, and covers a wide scope. Specific licensee and authorised representative information is being sought, going back over a period of three years. Areas being investigated by ASIC include:<\/p>\n The second phase of the project will be what Mr Kell referred to as\u00a0a \u201cmajor surveillance of retail life insurance advice\u201d.<\/p>\n \u201cThe purpose of the project is to hopefully lift standards over time, and we want to work with the industry on this project, and we will be talking to you further on this,\u201d Mr Kell said.<\/p>\n ASIC advises a\u00a0public report on the findings from the project will be released in the new year.<\/p>\n <\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Life insurance companies\u00a0have been served notice by the Australian Securities and Investments Commission (ASIC), requiring them to provide data for a project relating to inappropriate insurance switching.<\/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":["post-23176","post","type-post","status-publish","format-standard","category-associations","category-breaking","category-compliance-regulation","category-remuneration"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/23176","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=23176"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/23176\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=23176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=23176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=23176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n