{"id":31350,"date":"2015-10-20T13:27:08","date_gmt":"2015-10-20T03:27:08","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=31350"},"modified":"2025-10-17T15:22:47","modified_gmt":"2025-10-17T04:22:47","slug":"lif-start-date-pushed-back-to-mid-2016","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2015\/10\/20\/lif-start-date-pushed-back-to-mid-2016\/","title":{"rendered":"LIF Start Date Pushed Back to Mid 2016"},"content":{"rendered":"<p>The start date for the Life Insurance Framework (LIF) has been pushed back to mid-2016 with Assistant Treasurer <strong>Kelly O\u2019Dwyer<\/strong> stating the new proposals would commence from July next year.<!--more--><\/p>\n<p>In making the announcement O\u2019Dwyer also stated the Federal Government had accepted the LIF proposals as part of its response to the Financial System Inquiry Final Report.<\/p>\n<p>At a joint press conference at Parliament House with the Prime Minister <strong>Malcolm Turnbull<\/strong> and Treasurer <strong>Scott Morisson<\/strong>, O\u2019Dwyer said the \u201cGovernment has been working very hard with industry to improve remuneration in particular in the life insurance sector and I&#8217;d like to congratulate the former Assistant Treasurer (Josh Frydenberg) in this regard.\u201d<\/p>\n<blockquote><p>Today we are announcing the adoption of that industry proposal&#8230;will commence from July 2016.<\/p><\/blockquote>\n<p>\u201cOn 25 June 2015, earlier this year, he announced an industry reform proposal with the Association of Financial Advisers, the Financial Planning Association of Australia and the Financial Services Council. Today we are announcing the adoption of that industry proposal in response to the inquiry and that will commence from July 2016.\u201d<\/p>\n<p>\u201cThere are changes to the up-front commissions that will be applied and also the trailing commissions. There will also be a claw back period that also applies for remuneration.\u201d<\/p>\n<p>The announcement was made as part of the Federal Government&#8217;s response to the\u00a0Financial System Inquiry Final Report in which it stated that <a href=\"https:\/\/riskinfo.com.au\/news\/2015\/10\/20\/level-commissions-loom-if-lif-fails-to-create-change\/\">level commissions may be introduced<\/a> if LIF failed to change &#8216;misalignment in adviser incentives&#8217;.<\/p>\n<p>It also follows recent discussions between O\u2019Dwyer and Association of Financial Advisers (AFA), Financial Planning Association (FPA) and the Financial Service Council which met with the Assistant Treasurer individually last week.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The start date for the Life Insurance Framework (LIF) has been pushed back to mid-2016 with Assistant Treasurer Kelly O\u2019Dwyer stating the new proposals would commence from July next year.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[259,8,270],"tags":[],"class_list":{"0":"post-31350","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-breaking","7":"category-compliance-regulation","8":"category-remuneration","9":"headers-new"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/31350","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\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=31350"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/31350\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=31350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=31350"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=31350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}