ClearView has declared that it has no intention of ever re-entering the direct life/risk insurance business.
In a submission responding to insurance hearings of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, ClearView has reinforced the timing of its exit from its direct business well before the Royal Commission and its intention never to re-engage.
Instead it said it would be focusing on its strengths in providing insurance by way of advisers.
“Clearview accepts that the cultures and practices that had developed in ClearView Direct were unacceptable and were not in the best interests of customers,” it said.
However, it said, “the cessation of the Direct business (with no intention to re-enter it) together with the customer remediation programme demonstrate a commitment to the best interests of the public and a culture of compliance and improvement”.
“It has also allowed Clearview to focus upon its core business and strengths, providing insurance and ‘in the advice space’,” the submission said.
Elsewhere in its submission, ClearView reinforced that it had been cooperative in dealing with the Australian Securities and Investments Commission and suggestions that it had breached the anti-hawking provisions over 300,000 times did not take account of cases where third parties had gained consent.
