{"id":31370,"date":"2015-10-20T20:31:21","date_gmt":"2015-10-20T10:31:21","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=31370"},"modified":"2015-10-21T06:44:14","modified_gmt":"2015-10-20T20:44:14","slug":"lif-delay-details-yet-to-be-settled","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2015\/10\/20\/lif-delay-details-yet-to-be-settled\/","title":{"rendered":"LIF Delay – Details ‘Yet to be Settled’"},"content":{"rendered":"

The final details of the Life Insurance Framework provisions appear to remain unresolved, judging by early industry response to news of the delayed implementation of the proposed reforms<\/a>.<\/p>\n

Following hot on the heels of its formal reply<\/a> this week to David Murray\u2019s Financial System Inquiry (FSI) recommendations, the Government\u2019s announcement that it supports a delay to the implementation of the Life Insurance Framework (LIF) proposals has drawn a swift response from a number of key industry stakeholders.<\/p>\n

\"AFA<\/a>
AFA CEO, Brad Fox: LIF details yet to be settled…<\/figcaption><\/figure>\n

AFA<\/strong><\/p>\n

Of particular note has been a brief statement released by AFA chief executive, Brad Fox<\/strong>, in which he suggests that some details of the LIF reforms are still to be finalised.<\/p>\n

Mr Fox has commented that \u201c\u2026 delaying the implementation date for the LIF reforms appears appropriate given the detail of the framework is yet to be settled.\u201d In his statement, Fox adds \u201cAll industry participants will need time to adjust and implement the final outcomes once they become clear.\u201d<\/p>\n

Zurich<\/strong><\/p>\n

Zurich Financial Services has been quick off the mark in releasing a statement to advisers, in which Phil Kewin<\/strong>, Zurich\u2019s General Manager, Retail Life & Investments, acknowledges many advisers will have mixed feelings about the delay announcement:<\/p>\n

\u201cOn the one hand there is now an extended period of uncertainty around the finer details of the framework and its implementation,\u201d said Kewin. \u201cOn the other hand,\u201d, he continued, \u201c\u2026there is more time for consultation to determine what those details will be, and more time to prepare for some of the most significant changes we have seen in more than a decade.\u201d<\/p>\n

FSC<\/strong><\/p>\n

The Financial Services Council indicated that it was too early to make a formal comment on the delay and it was still working through the FSI announcements.<\/p>\n

Neither the Financial Planning Association nor the office of the Assistant Treasurer responded by deadline to our request for comment on the new LIF timeframe.<\/p>\n

These initial responses to the delayed implementation of the LIF reform proposals follow the earlier announcement<\/a> by the Government, contained within its reply to the FSI Final Report, that it would defer to the self-regulated LIF reform model, rather than opt for the FSI\u2019s level commission recommendation.<\/p>\n","protected":false},"excerpt":{"rendered":"

The final details of the Life Insurance Framework provisions appear to remain unresolved, judging by early industry response to news of the delayed implementation of the proposed reforms.<\/p>\n","protected":false},"author":3,"featured_media":31407,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,270],"tags":[4247],"class_list":["post-31370","post","type-post","status-publish","format-standard","has-post-thumbnail","category-compliance-regulation","category-remuneration","tag-feature"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/31370","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=31370"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/31370\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/31407"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=31370"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=31370"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=31370"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}