FSC increases consumer protections in Life Code

FSC life insurance code

26 October 2022
| By Laura Dew |
image
image
expand image

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.

Read more about:

AUTHOR

Add new comment

The content of this field is kept private and will not be shown publicly.
 

Recommended for you

 

MARKET INSIGHTS

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

Rob

Hello, nice article. So, pave will be sold on the ASX?...

5 hours 43 minutes ago
JOHN GILLIES

GREAT EXAMPLE OF A GOVT DEPT SHIRKING IT'S RESPONSIBILITIES. THEY WERE GETTING A BIT TOO MUCH WORK.NONE OF THE REST OF U...

11 hours 43 minutes ago
JOHN GILLIES

I really don't know what makes these guy's tick to think they can get away with it, it's the height of stupidity! They c...

2 days 10 hours ago

Underestimating the cost of insurance by almost $75,000 in a Statement of Advice is among multiple reasons that a relevant provider has faced action from the FSCP. ...

4 weeks 1 day ago

A former financial adviser has been banned by ASIC from providing financial services for inappropriate advice, among multiple breaches....

1 week ago

Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation....

2 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND