Submission to exposure draft to implement recommendations of FSRC
28 Feb 2020
IAG welcomes the opportunity to make a submission to the exposure draft legislation and explanatory materials to implement Recommendations 4.1 (no hawking of insurance), 4.3 (deferred sales model for add-on insurance) and 7.2 (strengthening breach reporting) of the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (FSRC).
We support in principle the Government’s approach to implementing the recommendations.
We believe the proposed reforms will deliver good outcomes for consumers if they are implemented in a pragmatic, reasonable and clear manner. With that in mind, we have made some recommendations and requested some clarification that we believe will provide greater certainty around how these laws are intended to operate.
Our recommendations and request for clarification are intended to supplement the submission made by the Insurance Council of Australia (Insurance Council) to the Recommendations, which we fully support.