{"id":33625,"date":"2016-06-28T17:22:30","date_gmt":"2016-06-28T06:22:30","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=33625"},"modified":"2016-07-05T12:05:39","modified_gmt":"2016-07-05T01:05:39","slug":"lif-where-to-next","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2016\/06\/28\/lif-where-to-next\/","title":{"rendered":"LIF &#8211; Where to Next?"},"content":{"rendered":"<div id=\"polls-164\" class=\"wp-polls\">\n\t\t<div class=\"pollHeader\"><strong>What will happen to the proposed LIF reforms after the Federal Election?<\/strong><\/div><div id=\"polls-164-ans\" class=\"wp-polls-ans\"><ul class=\"wp-polls-ul\">\n\t\t<li>Too difficult to predict <small>(40%)<\/small><div class=\"pollbar\" style=\"width: 40%\" title=\"Too difficult to predict (40% | 65 Votes)\"><\/div><\/li>\n\t\t<li>No changes - the proposed legislation will be implemented 'as is' <small>(22%)<\/small><div class=\"pollbar\" style=\"width: 22%\" title=\"No changes - the proposed legislation will be implemented 'as is' (22% | 35 Votes)\"><\/div><\/li>\n\t\t<li>Minor changes only <small>(16%)<\/small><div class=\"pollbar\" style=\"width: 16%\" title=\"Minor changes only (16% | 26 Votes)\"><\/div><\/li>\n\t\t<li>LIF will be replaced by entirely new legislation <small>(12%)<\/small><div class=\"pollbar\" style=\"width: 12%\" title=\"LIF will be replaced by entirely new legislation (12% | 19 Votes)\"><\/div><\/li>\n\t\t<li>Significant changes will be made <small>(10%)<\/small><div class=\"pollbar\" style=\"width: 10%\" title=\"Significant changes will be made (10% | 17 Votes)\"><\/div><\/li>\n\t\t<\/ul><div style=\"text-align: center\"><\/div><\/div>\n\t\t<input type=\"hidden\" id=\"poll_164_nonce\" name=\"wp-polls-nonce\" value=\"0d7181b7cf\" \/>\n<\/div>\n\n<p>In the lead-up to this week&#8217;s Federal election, we&#8217;re asking you to gaze into your crystal ball and predict the future of the proposed Life Insurance Framework reforms.<\/p>\n<p><!--more-->Political analysts appear to be tipping the Coalition to retain power in what has been a closely-run race. But the result of last week&#8217;s Brexit referendum proves that polls and pundits can get it wrong. Very wrong.<\/p>\n<p>The future of the currently-proposed LIF legislation may be dictated by factors including who forms Government after this Saturday&#8217;s election; whether there will be a different Financial Services Minister, irrespective of who wins, and the nature of lobby group approaches to a new Government which will need to reintroduce the legislation via the House of Representatives.<\/p>\n<p>Your crystal ball gazing and predictions will depend on your own view of these and other factors.<\/p>\n<p>AFA President, <strong>Deborah Kent<\/strong>, has recently cautioned that any post-election changes to the proposed LIF reforms will have the same or greater impact on advisers: &#8220;Depending on which party forms power after the election, LIF may continue substantially in its current form, or it may not. From the discussions we have had with the major parties, they will proceed with some type of life insurance reform,\u201d Kent stated, while adding,\u00a0\u201cNone of the parties have shown any indication that the outcome would become more favourable for advisers than the current form of LIF.\u201d (See also: <a href=\"https:\/\/riskinfo.com.au\/news\/2016\/06\/22\/election-unlikely-to-change-lif-for-advisers\/\" target=\"_blank\">Election Unlikely to Change LIF for Advisers<\/a>).<\/p>\n<p>Despite this holding pattern during the election campaign period, however, individual advisers and adviser groups such as the LICG continue to agitate for change, arguing, among other issues, that the currently-proposed legislation does not serve the interests of consumers in any material way, and that the Australian Competition and Consumer Commission should become involved in assessing the nature of the proposed reforms (see: <a href=\"https:\/\/riskinfo.com.au\/news\/2016\/06\/24\/licg-asks-why-churn-not-raised-with-accc\/\" target=\"_blank\">LICG Asks Why Churn Not Raised With ACCC<\/a>).<\/p>\n<p>A Labor victory on Saturday may see a significant change to the legislation before it is re-introduced to the new Lower House, but there is presently so much uncertainty in the market because of all the permutations that it&#8217;s almost impossible to predict an outcome for the LIF reforms with any degree of certainty.<\/p>\n<p>So, it&#8217;s over to you to make your predictions. Tell us what you think will happen, and what this may mean for you and your business&#8230;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the lead-up to this week&#8217;s Federal election, we&#8217;re asking you to gaze into your crystal ball and predict the future of the proposed Life Insurance Framework reforms.<\/p>\n","protected":false},"author":3,"featured_media":33662,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,3,49,270],"tags":[4247],"class_list":["post-33625","post","type-post","status-publish","format-standard","has-post-thumbnail","category-compliance-regulation","category-general","category-polls","category-remuneration","tag-feature"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/33625","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=33625"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/33625\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/33662"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=33625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=33625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=33625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}