Treasurer The Hon Scott Morrison MP has announced the Productivity Commission will conduct an inquiry into competition in Australia’s financial system. The Committee will report on:
- the need for further reform and improved oversight of the life insurance industry;
- assessment of relative benefits and risks to consumers of the different elements of the life insurance market, being direct insurance, group insurance and retail advised insurance;
- whether entities are engaging in unethical practices to avoid meeting claims;
- the sales practices of life insurers and brokers, including the use of Approved Product Lists;
- the effectiveness of internal dispute resolution in life insurance;
- the roles of ASIC and the Australian Prudential Regulation Authority (APRA) in reform and oversight of the industry; and
- any related matters.
The inquiry will commence on 1 July 2017 with a report to government due by 1 July 2018.
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