The Australian Securities and Investments Commission (ASIC) has signalled that it will be pursuing investigative and enforcement work in the life/risk insurance arena, irrespective of industry positions taken to the Government resulting from the Trowbridge Report.
ASIC deputy chairman, Peter Kell, has told Senate Estimates that while the regulator is aware of the work that has been done by the major industry stakeholders including the Financial Services Council (FSC) and the Association of Financial Advisers (AFA), it is continuing to pursue action where required.
“…we are continuing to follow-up with enforcement and regulatory actions in this area,” he said. “We had a major outcome earlier this year in relation to Guardian, who are primarily in the space of providing life insurance advice, and imposed licence conditions. We have other enforcement and investigative work underway.”
“I want to assure you that we are not waiting for the outcomes of this process in terms of addressing misconduct in the industry. It is a priority area for us,” Kell said.
The FSC, AFA and other industry stakeholders are understood to have put their positions on the Trowbridge recommendations to the Assistant Treasurer, Josh Frydenberg, late last week with the key area being a hybrid remuneration model.
