{"id":29460,"date":"2015-04-20T10:44:56","date_gmt":"2015-04-20T00:44:56","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=29460"},"modified":"2015-04-21T18:45:31","modified_gmt":"2015-04-21T08:45:31","slug":"frydenberg-to-industry-you-have-weeks-not-months","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2015\/04\/20\/frydenberg-to-industry-you-have-weeks-not-months\/","title":{"rendered":"Frydenberg to Industry &#8211; You Have Weeks, Not Months"},"content":{"rendered":"<p><span style=\"line-height: 1.5em\">The Australian insurance industry has \u201cweeks, not months\u201d to address the recommendations made in the Trowbridge Report, the Assistant Treasurer has warned.<\/span><\/p>\n<p><!--more--><\/p>\n<figure id=\"attachment_29343\" aria-describedby=\"caption-attachment-29343\" style=\"width: 150px\" class=\"wp-caption alignright\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2015\/04\/Josh-Frydenberg.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-29343\" alt=\"Assistant Treasurer, Josh Frydenberg\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2015\/04\/Josh-Frydenberg.jpg\" width=\"150\" height=\"180\" \/><\/a><figcaption id=\"caption-attachment-29343\" class=\"wp-caption-text\">Assistant Treasurer, Josh Frydenberg<\/figcaption><\/figure>\n<p>Speaking at a Financial Services Council (FSC) event in Sydney last week, <strong>Josh Frydenberg<\/strong> told attendees that the industry needed to act quickly to outline its agreed position, or the Government would be forced to step in.<\/p>\n<p>\u201cAppropriate reform, made as soon as possible, must be led by the industry itself. Industry should not force the heavy hand of Government to act,\u201d Mr Frydenberg said.<\/p>\n<p>\u201cI\u2019m not saying many months \u2013 they [the industry] don\u2019t have months \u2013 I\u2019m saying weeks and maybe at most a couple of months.\u201d<\/p>\n<p>Mr Frydenberg said reforms needed to address the following key issues:<\/p>\n<ul>\n<li>Australia\u2019s underinsurance dilemma<\/li>\n<li>Eradicating churn<\/li>\n<li>Ensuring competition remains<\/li>\n<\/ul>\n<p>He said the Trowbridge recommendations around commission structures, approved product lists, culture, behaviours and advice practices, and a life insurance code of practice were all deserving of consideration, but the extent to which the Government intervenes will ultimately depend on the industry\u2019s own actions.<\/p>\n<p>\u201cThe Government will be a willing reform partner with the industry provided the industry is prepared to adopt genuine solutions to the issues identified in ASIC\u2019s report.\u201d<\/p>\n<p>He added he was \u201cquite sensitive\u201d to the issues arising from reduced upfront remuneration and, in particular, the impact on independent advice businesses.<\/p>\n<p>\u201cThat is a tension we have to understand,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Australian insurance industry has \u201cweeks, not months\u201d to address the recommendations made in the Trowbridge Report, the Assistant Treasurer has warned.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,270],"tags":[],"class_list":["post-29460","post","type-post","status-publish","format-standard","category-compliance-regulation","category-remuneration"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/29460","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=29460"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/29460\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=29460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=29460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=29460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}