{"id":35397,"date":"2016-11-15T22:00:07","date_gmt":"2016-11-15T11:00:07","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=35397"},"modified":"2016-11-16T07:40:02","modified_gmt":"2016-11-15T20:40:02","slug":"lif-will-pass-parliament-predicts-senator","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2016\/11\/15\/lif-will-pass-parliament-predicts-senator\/","title":{"rendered":"LIF Will Pass Parliament Without Trouble, Predicts Senator"},"content":{"rendered":"

The legislation around the Life Insurance Framework reforms will pass through Federal Parliament unhindered according to a Government Senator who stated there was very little political opposition to its progress.<\/p>\n

\"Nationals<\/a>
Nationals Senator for NSW, John Williams<\/figcaption><\/figure>\n

Speaking to media at the Association of Financial Advisers \u2013 Beddoes Institute Consumer Choice Awards, Nationals Senator John Williams<\/strong> said the legislation around LIF and the proposed remuneration arrangements were \u2018done and dusted\u2019.<\/p>\n

\u201cI don\u2019t think anyone will oppose it in the Parliament or in the Senate. It is not controversial and I am sure Kelly O\u2019Dwyer (Minister for Financial Services) has worked with Chris Bowen (Shadow Treasurer) and others on this issue,\u201d Williams said.<\/p>\n

\u201cEighty per cent of legislation that comes through the Senate goes through unopposed. I cannot see the LIF legislation being controversial and when it gets to the Senate I don\u2019t expect it to be a huge tidal wave and cause disruptions. I see us tightening the industry and improving the industry and the Senate will take that pretty well,\u201d he added.<\/p>\n

“I cannot see the LIF legislation being controversial and when it gets to the Senate I don\u2019t expect it to be a huge tidal wave\u00a0…”<\/h6>\n

Williams said while some people wanted to ban commissions altogether there was a difference between being able to pay for financial advice when a consumer had money and when a consumer needed life insurance but did not have money to pay.<\/p>\n

He said the Government\u2019s retention of life insurance commissions recognised that \u201cthe circumstances between financial advice when you have got money and financial advice for insurance are two different kettles of fish”.<\/p>\n

He also stated the current Parliamentary Joint Committee (PJC) into the Life Insurance Industry, of which he is a member, will examine the issue of vertical integration and he was keen to see greater independence of advice.<\/p>\n

\u201cIn England to be a financial adviser you have to be independent and not attached to a company. If that was to come to Australia I would not be disappointed\u2026but I don\u2019t think that will happen,\u201d Williams said.<\/p>\n

\u201cIf we see advisers not giving the best product to their customer, as FoFA says, but gives the best product their company offers then this issue will raise its head later on again. It will depend on how people do their job in the future. If they do the right thing there will be no problem but if they do the wrong thing there will be more inquiries and problems,\u201d he stated.<\/p>\n

Williams said any change to vertical integrated structures would require legislation but doubted there was currently enough political interest in making any changes and would await the outcome of the current PJC inquiry.<\/p>\n","protected":false},"excerpt":{"rendered":"

The legislation around the Life Insurance Framework reforms will pass through Federal Parliament unhindered according to a Government Senator who stated there was very little political opposition to its progress.<\/p>\n","protected":false},"author":3,"featured_media":35406,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[282,8,241],"tags":[4247],"class_list":["post-35397","post","type-post","status-publish","format-standard","has-post-thumbnail","category-associations","category-compliance-regulation","category-conferences-and-events","tag-feature"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/35397","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=35397"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/35397\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/35406"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=35397"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=35397"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=35397"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}