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.

Treasurer’s media release


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