Life Code transitions from FSC to CALI

cali FSC life insurance Zurich

29 September 2023
| By Laura Dew |
expand image

The Life Insurance Code of Practice has transferred from the Financial Services Council (FSC) to the Council of Australian Life Insurers (CALI).

The Life Code sets important benchmarks to ensure that people can take out life insurance with confidence that, if the time comes, their life insurer will be there to support them. It covers all aspects of life insurance, from sales practices and timelines to claims handling and making complaints.

Effective from 29 September, CALI will assume responsibility for the Life Code, and become the primary point of contact for code-related matters for industry stakeholders, regulators and policymakers.  

For insurance consumers, the independent Life Code Compliance Committee (LCCC), administered by the Australian Financial Complaints Authority, will continue to ensure that the Life Code’s principles are upheld and enforced.
Blake Briggs, chief executive of the FSC, said: “I am proud of the work the FSC has undertaken to deliver the Life Insurance Code of Practice, and the positive impact it has had on life insurance consumers. 

“The current version of the Life Code entered into force on 1 July 2023, and expands on the important work completed by the FSC when the original Code of Practice was released in 2017.
“As the landscape of industry representation has evolved in the last few years, it has become evident that transferring the Life Code to CALI is the appropriate step forward, and we are confident that life insurers will be well-served by the new association’s responsibility for the Life Code.”

He added: “The FSC will continue to be a leading voice in related policy debates, including financial advice and the increased political and regulatory scrutiny surrounding group life insurance in superannuation.
“Our ongoing involvement in insurance-related policy reflects our commitment to safeguarding the interests of consumers and ensuring that the financial services industry remains responsive to consumers’ needs.”

CALI was formed last year after 19 life insurers broke away from the FSC to form their own association, with Christine Cupitt as chief executive.

Welcoming the announcement, Justin Delaney, chief executive of Zurich Australia and New Zealand and a member of CALI, said: “The Code represents the life insurance industry’s commitment to protecting customers and continually evolving. As the peak body for life insurers, CALI’s ownership of the Code further underlines this commitment.
“At Zurich, we take acting in the best interests of our customers seriously and we support maintaining an industry-wide approach that holds all insurers to a high standard. The Code impacts all facets of our customer interactions, from how products are designed and sold, through to the claims experience.” 

Read more about:


Add new comment

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

Recommended for you



sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

Chris Cornish

By having trustees supervise client directed payments from their pension funds, Stephen Jones and the federal Labor gove...

5 hours 45 minutes ago
Chris Cornish

Now we now the size of Stephen Jones' CSOLR tax, I doubt anyone will be employer any new financial adviser from this poi...

5 hours 50 minutes ago

Amazing ! Between the beginning of licencing Feb 2002 and 2008 this was a very good stable industry.Then the do-gooders...

1 day ago

AustralianSuper and Australian Retirement Trust have posted the financial results for the 2022–23 financial year for their combined 5.3 million members....

10 months 1 week ago

A $34 billion fund has come out on top with a 13.3 per cent return in the last 12 months, beating out mega funds like Australian Retirement Trust and Aware Super. ...

10 months ago

The verdict in the class action case against AMP Financial Planning has been delivered in the Federal Court by Justice Moshinsky....

10 months 1 week ago