The body created to monitor compliance with the Financial Services Council’s life insurance code of practice has released its first annual report.
In the Life Code Compliance Committee’s (LCCC) 2017–18 Annual report, the monitoring body outlined its activities, including:
LCCC chair Anne Brown said the body aims to achieve robust monitoring of the code in a timely manner, and provide practical guidance to subscribers on how to comply with the code.
“We also want to provide assurance to consumers that subscribers are being held to account in meeting their code obligations and look forward to receiving sufficient ongoing resourcing to meet those obligations and objectives,” she said.
Financial Services Council CEO Sally Loane said that, in the short time since its formation, the committee has established a robust process for monitoring compliance with the code.
“I look forward to continuing to work with Anne, the LCCC and the Financial Ombudsman Service, soon to become AFCA, as we get closer to launching the second iteration of the code for public consultation by the end of the year,” Ms Loane said.
“The new code will build on the existing consumer facing commitments to bring a significant number of enhanced protections for people who have life insurance, either as a choice product, or through their super fund.
“The FSC considers self-regulation to play an important role in the regulation of the life insurance sector.”
Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.
You can contact him on [email protected].
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