{"id":33932,"date":"2016-07-22T10:10:05","date_gmt":"2016-07-21T23:10:05","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=33932"},"modified":"2016-07-27T09:15:33","modified_gmt":"2016-07-26T22:15:33","slug":"govt-to-consider-lif-recommendations-before-reintroduction","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2016\/07\/22\/govt-to-consider-lif-recommendations-before-reintroduction\/","title":{"rendered":"Govt to Consider LIF Recommendations Before Reintroduction"},"content":{"rendered":"

The Federal Government is likely to reintroduce the Life Insurance Framework (LIF) to Parliament but have indicated they will do so after examining recommendations made in submissions received before the election.<\/p>\n

\"Minister<\/a>
Minister for Revenue and Financial Services, Kelly O’Dwyer<\/figcaption><\/figure>\n

Speaking at the Financial Services Council Leaders\u2019 Summit in Melbourne last week, the Minister for Revenue and Financial Services, Kelly O\u2019Dwyer<\/strong> said, \u201cI want to reiterate that the life insurance advice reform package remains a priority for the Government and I intend to work closely with stakeholders to ensure its passage through the Parliament\u201d.<\/p>\n

“I want to reiterate that the life insurance advice reform package remains a priority for the Government…”<\/h6>\n

O\u2019Dwyer also stated that while the LIF legislation was before the Senate at the time of the election, consultation had begun on the regulations that would support the legislation and \u201c\u2026the Government will now work through the recommendations made in submissions\u201d.<\/p>\n

At the time the Federal Election was called on May 9, the Australian Securities and investments Commission (ASIC) was receiving submissions regarding the regulatory instrument it would use to oversee life insurance advice, and continued to do so until May 31.<\/p>\n

Around 100 submissions on life insurance were also received by the Scrutiny of Financial Advice Inquiry that was being conducted by the Senate Standing Committees on Economics at the time of the election but these will not be considered as the inquiry lapsed once the election was called.<\/p>\n

O\u2019Dwyer also restated the Government\u2019s commitment to progressing legislation to raise the professional standards of financial advisers, including the revised timeframes that were announced<\/a> with the release of the second draft of the legislation in late April.<\/p>\n

However, O\u2019Dwyer also indicated that some existing advisers may be exempt from having to complete an exam but this exemption would be applied on case-by-case basis and reserved for advisers who were exceptionally qualified and had many years of experience.<\/p>\n

While O\u2019Dwyer\u2019s ministerial title has changed, she stated her portfolio would continue to cover financial advice, funds management, life insurance, and corporate trustees as well as corporate law, regulations and general insurance, and the oversight of ASIC.<\/p>\n

Banking and superannuation policies would be jointly developed with the Federal Treasurer while\u00a0the small business portfolio she previously held has been passed on to Michael McCormack,<\/p>\n","protected":false},"excerpt":{"rendered":"

The Federal Government is likely to reintroduce the Life Insurance Framework (LIF) to Parliament but have indicated they will do so after examining recommendations made in submissions received before the election.<\/p>\n","protected":false},"author":3,"featured_media":33971,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[282,8,241,270,248],"tags":[4247],"class_list":["post-33932","post","type-post","status-publish","format-standard","has-post-thumbnail","category-associations","category-compliance-regulation","category-conferences-and-events","category-remuneration","category-training","tag-feature"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/33932","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=33932"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/33932\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/33971"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=33932"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=33932"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=33932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}