Status quo not an option for Trowbridge
The status quo is not an option for the life/risk industry, according to new Financial Services Council (FSC) chief executive, Sally Loane.
Making her inaugural address as FSC chief executive today, Loane told a Sydney luncheon that change was an inevitable consequence of the Trowbridge process.
"One thing is certain - the status quo is not an option," she said in reference to the fact the final Trowbridge report will be delivered before the end of March.
Elsewhere in her speech Loane reinforced the need to "decouple" default superannuation from the industrial judiciary.
She made clear the FSC would continue to prosecute its campaign for all approved MySuper funds to be capable of selection as default funds under modern awards.
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Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
