FSC increases consumer protections in Life Code
The Financial Services Council (FSC) has announced further consumer protections for the Life Insurance Code of Practice.
This included rules around those experiencing family and domestic violences and around genetic testing.
From 1 July 2023, life insurers would be required to develop and publish their policy on supporting domestic or family violence victims.
The Moratorium on Genetic Tests would be also be extended indefinitely and included in the Life Code. Immunity would be given to any genetic test taken while the moratorium was in place which meant consumers could undergo a genetic test without the result preventing them from taking out life insurance.
FSC chief executive, Blake Briggs, said: “The FSC is committed to improving consumer outcomes across the life insurance industry, especially for vulnerable people.
“These guidelines will help industry navigate this difficult and sensitive area and bring a degree of consistency in how industry supports people experiencing family and domestic violence.
“Extending the moratorium with immunity means consumers who are tested now will never need to share their genetic test results with their life insurer and so won’t be declined for life insurance later.”
The mandatory code was extended with 500 additional protections by the FSC in June.
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Laura Dew
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