{"id":43390,"date":"2019-01-21T12:21:36","date_gmt":"2019-01-21T02:21:36","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=43390"},"modified":"2019-01-21T12:21:36","modified_gmt":"2019-01-21T02:21:36","slug":"fsc-extends-consultation-period-for-new-life-code","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2019\/01\/21\/fsc-extends-consultation-period-for-new-life-code\/","title":{"rendered":"FSC Extends Consultation Period for New Life Code"},"content":{"rendered":"<p>The Financial Services Council has extended the consultation period for the second iteration of its Life Insurance Code of Practice.<\/p>\n<p><!--more-->Originally implemented in 2017, the updated Code draft was released to the market in mid-November 2018 for feedback and consultation (see: <a href=\"https:\/\/riskinfo.com.au\/news\/2018\/11\/13\/revised-fsc-life-code-to-cover-all-distribution-channels\/\" target=\"_blank\" rel=\"noopener\">Revised FSC Life Code to Cover All Distribution Channels<\/a>).<\/p>\n<p>While more than 20 submissions on the updated draft Code have already been received or are in the process of being finalised, FSC CEO, <strong>Sally Loane<\/strong>, said several organisations had requested additional time to make their submissions to the new Code, which now remains open for consultation until 31 January 2019 (extended from 12 January).<\/p>\n<div>The FSC Life Insurance Code of Practice is intended to lift standards across:<\/div>\n<ul>\n<li>Product design<\/li>\n<li>\n<div>Sales<\/div>\n<\/li>\n<li>\n<div>Underwriting<\/div>\n<\/li>\n<li>\n<div>Customer service<\/div>\n<\/li>\n<li>\n<div>Complaints<\/div>\n<\/li>\n<li>Claims handling<\/li>\n<\/ul>\n<div>\n<div>According to the Council, the new draft contains over 30 significant changes, including:<\/div>\n<div>\n<ul>\n<li>Banning pressure selling of products and coercive retention tactics<\/li>\n<li>Banning medical disclosure checking without reasonable grounds<\/li>\n<li>Ensuring customers are no better or worse off at claim time (excluding fraud)<\/li>\n<li>Improving Funeral insurance to ensure people understand what they are buying<\/li>\n<li>A raft of reforms to underwriting, claims and mental health<\/li>\n<li>Separating Consumer Credit Insurance (CCI) from credit product sales<\/li>\n<\/ul>\n<p>Advisers and others can <a href=\"https:\/\/fsc.org.au\/event-list\/website-events\/Code-Roadshow\/Code%202.0%20Consultation%20Draft%20(Final).pdf\" target=\"_blank\" rel=\"noopener\">click here<\/a> to access the 76-page Consultation Draft for the updated FSC Life Insurance Code of Practice.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Financial Services Council has extended the consultation period for the second iteration of its Life Insurance Code of Practice.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[282,8],"tags":[],"class_list":["post-43390","post","type-post","status-publish","format-standard","category-associations","category-compliance-regulation"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/43390","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=43390"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/43390\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=43390"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=43390"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=43390"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}