{"id":28878,"date":"2015-03-02T16:15:39","date_gmt":"2015-03-02T05:15:39","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=28878"},"modified":"2015-03-03T16:16:17","modified_gmt":"2015-03-03T05:16:17","slug":"fsc-determined-to-reform-life-sector","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2015\/03\/02\/fsc-determined-to-reform-life-sector\/","title":{"rendered":"FSC Determined to Reform Life Sector"},"content":{"rendered":"

Reforming the life insurance industry is among the Financial Services Council\u2019s key priorities for 2015, as outlined by new CEO, Sally Loane<\/strong>.<\/p>\n

<\/p>\n

\"New<\/a>
New FSC CEO, Sally Loane<\/figcaption><\/figure>\n

Delivering her maiden speech at an event in Sydney last week, Ms Sloane said the FSC was currently leading reforms in the life insurance sector, and that the association was prepared to act on the issues raised by the Australian Securities and Investments Commission (ASIC) in its review of retail life insurance advice.<\/p>\n

\u201cThe FSC and the Association of Financial Advisers set up a process to review the ASIC report and present durable solutions to the issues raised,\u201d Ms Loane said.<\/p>\n

\u201cOne thing is certain \u2013 the status quo is not an option.\u201d<\/p>\n

Ms Loane said the FSC would also be focused on the long-term sustainability of the life insurance industry. She noted that a stable life insurance sector would be critical in addressing the issues likely to be raised in the Government\u2019s upcoming Intergenerational Report, and to reduce Commonwealth budget pressure arising from disability-related welfare costs.<\/p>\n

One thing is certain \u2013 the status quo is not an option<\/h6>\n

\u201cJust as superannuation is the private sector solution to the costs of an ageing population and private health insurance is a private sector solution to managing health care costs, so too life insurance can be the private sector solution to the increasing budget costs of welfare,\u201d Ms Loane said.<\/p>\n

The new CEO concluded her speech by addressing the topic of financial advice. She said the FSC supported reforms which will deliver higher standards for financial advisers and the advice sector.<\/p>\n

\u201cThere is bipartisan support for the ASIC register, national exams, university degrees and an adherence to a code of ethics,\u201d Ms Loane noted. \u201cThe bar is being raised.<\/p>\n

\u201cThe sector will evolve into a profession \u2013 as it must.\u201d<\/p>\n

The FSC will host its annual life insurance conference later this month, including a presentation from Life Insurance Advice Working Group Chair, John Trowbridge<\/strong>. Click here<\/a> for more information.<\/p>\n","protected":false},"excerpt":{"rendered":"

Reforming the life insurance industry is among the Financial Services Council\u2019s key priorities for 2015, as outlined by new CEO, Sally Loane.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[282,8],"tags":[],"class_list":["post-28878","post","type-post","status-publish","format-standard","category-associations","category-compliance-regulation"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/28878","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=28878"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/28878\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=28878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=28878"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=28878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}