{"id":29129,"date":"2015-03-30T09:31:58","date_gmt":"2015-03-29T22:31:58","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=29129"},"modified":"2015-03-30T09:52:31","modified_gmt":"2015-03-29T22:52:31","slug":"consumers-central-to-life-insurance-change-fsc","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2015\/03\/30\/consumers-central-to-life-insurance-change-fsc\/","title":{"rendered":"Consumers Central to Life Insurance Change – FSC"},"content":{"rendered":"

Consumers need to be at the heart of any decisions made by the life insurance sector, the Financial Services Council has advised.<\/span><\/p>\n

<\/p>\n

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

Responding to the release of John Trowbridge<\/strong>\u2019s report into retail life insurance advice, the FSC issued a statement welcoming the findings but acknowledging further work was required by the sector.<\/p>\n

\u201cWe welcome the Trowbridge report and will now take the time to consider these independent findings in consultation with our members. The industry needs to absorb Mr Trowbridge\u2019s recommendations and consider the complex, interrelated issues,\u201d said FSC CEO, Sally Loane<\/strong>.<\/p>\n

\u201cConsumers must be at the centre of these considerations. Our aim is to ensure more Australians have access to quality advice and are covered for their most valuable assets \u2013 their lives and their quality of life.\u201d<\/p>\n

The FSC, which together with the Association of Financial Advisers co-convened the Life Insurance Advice Working Group (LIAWG), chaired by Mr Trowbridge. Ms Loane said the LIAWG was designed to help the advice and life insurance industries to find a way to solve the structural issues that were undermining consumer trust and confidence.<\/p>\n

\u201cBringing the life and advice industries together to undergo an open and independent process in search of reform solutions \u2013 including changes in the culture of the industry as a whole \u2212 was a groundbreaking approach.\u201d<\/p>\n

Ms Loane hosted a panel session with Mr Trowbridge at the FSC\u2019s annual Life Insurance Conference, held in Sydney last week. Introducing the session, Ms Loane acknowledged the review process had been challenging.<\/p>\n

\u201cIt\u2019s not been easy… Our sector is extremely complex and diverse, with many moving parts and many business models. There have been some very difficult moments during these past four to five months of self-examination\u2026<\/p>\n

\u201cHowever, there have been some breakthrough moments too, where knowledge and understanding has been shared between advisers, licensees and life insurers. I think it\u2019s fair to say that a greater understanding of the varying perspectives of these parties has occurred during this process.\u201d<\/p>\n

Ms Loane described the Final Report as comprehensive and covering a range of issues that stretched beyond the Australian Securities and Investments Commission\u2019s review of retail life insurance advice and the Financial System Inquiry.<\/p>\n

\u201cJohn Trowbridge has conducted an extensive, thorough review that is of the highest quality. This has involved countless hours of consultation with a wide range of stakeholders including regulators, government, industry and consumer groups.<\/p>\n

\u201cMembers of the FSC have also provided a significant contribution through information and consultation to the process.<\/p>\n

“This has been a meticulous process, which has retained the integrity of independence,” Ms Loane said.<\/p>\n

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

Consumers need to be at the heart of any decisions made by the life insurance sector, the Financial Services Council has advised.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[282,8,270],"tags":[],"class_list":{"0":"post-29129","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-associations","7":"category-compliance-regulation","8":"category-remuneration"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/29129","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=29129"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/29129\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=29129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=29129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=29129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}