{"id":24755,"date":"2014-02-04T17:02:24","date_gmt":"2014-02-04T07:02:24","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=24755"},"modified":"2014-02-04T19:29:10","modified_gmt":"2014-02-04T09:29:10","slug":"sinodinos-targets-life-insurance-industry","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2014\/02\/04\/sinodinos-targets-life-insurance-industry\/","title":{"rendered":"Sinodinos Targets Life Insurance Industry"},"content":{"rendered":"

The current sustainability issues being experienced by Australia\u2019s life insurance industry have attracted the attention of the Federal Government, according to Assistant Treasurer, Senator Arthur Sinodinos<\/strong>.<\/p>\n

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Senator Arthur Sinodinos<\/figcaption><\/figure>\n

Speaking at a Liberal Party event in Sydney last week, the Senator outlined the Government\u2019s plans for 2014. Among them is a plan to consult with industry on the issues facing the life insurance sector.<\/p>\n

\u201cThere are ongoing concerns held by industry, superannuation funds and now the government about the life insurance industry,\u201d the Senator said. \u201cMy office has been actively speaking to all players and I have asked Treasury to develop a consultation process so that the many issues can be brought together in a coordinated approach and there can be a frank exchange of ideas with all stakeholders about what needs to be done to address pricing, availability and the deficiencies in the current life insurance market.\u201d<\/p>\n

In addition, Senator Sinodinos said he would shortly announce a process to look at the professional standards of financial advisers. \u201cI envisage that this would include training, indemnity insurance and any proposed move to a national exam,\u201d he said, adding that these issues needed to be examined as part of a considered process and not on an ad-hoc basis.<\/p>\n

We have approached the Senator\u2019s office for further comment on this issue, and hope to bring this to you shortly.<\/p>\n

The comments follow the release of the highly-anticipated Future of Financial Advice legislation reforms for consultation (see: FoFA Changes – The Details<\/a>).<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The current sustainability issues being experienced by Australia\u2019s life insurance industry have attracted the attention of the Federal Government, according to Assistant Treasurer, Senator Arthur Sinodinos.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,3],"tags":[],"class_list":["post-24755","post","type-post","status-publish","format-standard","category-compliance-regulation","category-general"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/24755","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=24755"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/24755\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=24755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=24755"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=24755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}