{"id":31640,"date":"2015-11-17T18:37:13","date_gmt":"2015-11-17T08:37:13","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=31640"},"modified":"2015-11-18T06:13:13","modified_gmt":"2015-11-17T20:13:13","slug":"lif-model-to-progress-in-current-form","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2015\/11\/17\/lif-model-to-progress-in-current-form\/","title":{"rendered":"LIF Model To Progress In Current Form"},"content":{"rendered":"

Further confirmation that the Life Insurance Framework (LIF) will progress in its current form has emerged as part of a speech given by the Assistant Treasurer and Minister for Small Business, Kelly O\u2019Dwyer<\/strong>, to the Financial Services Council (FSC).<\/p>\n

\"Assistant<\/a>
Assistant Treasurer, Kelly O’Dwyer<\/figcaption><\/figure>\n

Speaking at a recent breakfast briefing run by the FSC, O\u2019Dwyer outlined the Government\u2019s agenda for change within the financial services sector covering its response to the Financial System Inquiry, ongoing changes to the governance of superannuation funds and further funding for corporate regulators.<\/p>\n

As part of this list of ongoing work O\u2019Dwyer stated \u201cwe have also been working with industry to develop measures to improve remuneration practices in the life insurance sector\u201d.<\/p>\n

\u201cAs part of our financial system program we have adopted the final industry reform proposal which I announced earlier this month to improve the long term sustainability of the sector while at the same time better aligning the interests of advisers, insurers and consumers.\u201d<\/p>\n

Interestingly, O\u2019Dwyer said nothing further regarding LIF with the statements echoing those used at the time when announcing the start date for the new model<\/a> was to be pushed back by six months.<\/p>\n

At that time O\u2019Dwyer stated \u201cOn 25 June 2015, earlier this year, he (former Assistant Treasurer Josh Frydenberg) 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

However, two weeks later O\u2019Dwyer announced that claw-back provisions would be reduced from three years to two years leading some industry groups to continue pushing for further changes<\/a> to LIF.<\/p>\n

As part of the FSC speech O\u2019Dwyer also highlighted pending changes to professional, ethical and education standards for financial advisers stating higher standards would place financial advice on a similar footing to other professions and thanked the FSC for its work in this area.<\/p>\n

\u201cI appreciate the FSC\u2019s ongoing engagement in this space and I thank the FSC in advance for continuing to progress this reform – this will be vital to ensure that industry continues to work together and with Government to establish an independent standards-setting entity which the Government will recognise in legislation. Legislation will be consulted upon this year.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Further confirmation that the Life Insurance Framework (LIF) will progress in its current form has emerged as part of a speech given by the Assistant Treasurer and Minister for Small Business, Kelly O\u2019Dwyer, to the Financial Services Council (FSC).<\/p>\n","protected":false},"author":3,"featured_media":31660,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,270],"tags":[4247],"class_list":{"0":"post-31640","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-compliance-regulation","8":"category-remuneration","9":"tag-feature"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/31640","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=31640"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/31640\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/31660"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=31640"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=31640"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=31640"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}