{"id":35975,"date":"2017-02-09T15:10:39","date_gmt":"2017-02-09T04:10:39","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=35975"},"modified":"2020-10-22T14:22:51","modified_gmt":"2020-10-22T04:22:51","slug":"parliament-passes-lif-and-professional-standards-legislation","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2017\/02\/09\/parliament-passes-lif-and-professional-standards-legislation\/","title":{"rendered":"LIF Reforms Finally Confirmed"},"content":{"rendered":"<p>Adviser associations have welcomed the passing of the Life Insurance Framework (LIF) legislation stating it provides clarity for advisers but warned further life insurance related reforms were yet to come.<!--more--><\/p>\n<figure id=\"attachment_36003\" aria-describedby=\"caption-attachment-36003\" style=\"width: 150px\" class=\"wp-caption alignright\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2017\/02\/Brad-Fox-copy.jpg\" rel=\"attachment wp-att-36003\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-36003\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2017\/02\/Brad-Fox-copy.jpg\" alt=\"AFA CEO, Brad Fox...LIF reforms not yet complete\" width=\"150\" height=\"150\" \/><\/a><figcaption id=\"caption-attachment-36003\" class=\"wp-caption-text\">AFA CEO, Brad Fox&#8230;LIF reforms not yet complete<\/figcaption><\/figure>\n<p>The LIF legislation, formally known as\u00a0<em>Corporations Amendment (Life Insurance Remuneration Arrangements) Bill 2016<\/em>, was passed by the Senate on 9 February after progressing through the House of Representatives late last year.<\/p>\n<p>Financial Planning Association (FPA) Head of Policy and Government Relations, <strong>Ben Marshan<\/strong> said the passing of the legislation ended the uncertainty for advisers around insurance advice which had existed since May 2016 when the legislation was delayed by the Federal Election.<\/p>\n<p>Association of Financial Advisers (AFA) Chief Executive, <strong>Brad Fox<\/strong> said LIF was wider than the legislation and despite it passing through Parliament the reforms were not complete.<\/p>\n<p>\u201cThe Life Insurance Framework is wider than the Bill. It includes broadening Approved Product Lists, simplifying Statements of Advice, and very importantly a life insurer Code of Practice,\u201d he said.<\/p>\n<p>\u201cProgress has been made in these areas, but more work is required from the insurers, superannuation trustees, ASIC and some licensees to carry their share of life insurance reform and we will continue to push them to complete these reforms by the new remuneration start date,\u201d Fox said.<\/p>\n<p>Both groups also welcomed the passing by the Senate, on the same day, of the <em>Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016<\/em> with Fox stating it would open the way to the recognition of financial advice as a profession.<\/p>\n<p>FPA Chief Executive, <strong>Dante De Gori<\/strong> said the professional standards bill would provide assurance to consumers that advisers will be highly trained, experienced and subject to an enforceable code of ethics.<\/p>\n<p>Both Bills will still need to be signed off by the Governor General, <strong>Sir Peter Cosgrove<\/strong>, granting them Royal Assent, before\u00a0becoming law.<\/p>\n<p>The LIF legislation will take affect from 1 January 2018 and the professional standards laws to begin from 1 January 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Adviser associations have welcomed the passing of the Life Insurance Framework (LIF) legislation stating it provides clarity for advisers but warned further life insurance related reforms were yet to come.<\/p>\n","protected":false},"author":3,"featured_media":36015,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,270,248],"tags":[4247],"class_list":{"0":"post-35975","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-compliance-regulation","8":"category-remuneration","9":"category-training","10":"tag-feature"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/35975","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=35975"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/35975\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/36015"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=35975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=35975"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=35975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}