Government called on to clean up insurance industry

7 May 2019
| By Chris Dastoor |
image
image
expand image

Maurice Blackburn Lawyers has called on the Federal Government to implement mandatory and enforceable codes of practice for the insurance industry.

The law firm believed the industry had failed to meet reasonable standards which now required external enforcement.

A submission had been lodged to a Treasury inquiry into the enforceability of financial services industry codes, which had outlined a need for Government-enforced mandatory codes of practice.

John Mennen, Maurice Blackburn superannuation and insurance principal, said it was well past time for mandated and enforceable codes across both the general and life insurers.

“Whilst it is always preferable to entrust an industry to properly care for its customers through self-regulation, that is a privilege that needs to be earned,” Mennen said.

“It is patently obvious to everyone – particularly in the wake of the Hayne Royal Commission – that the insurance industry has, for the time being, lost its social licence to self-regulate through codes of practice.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

10 months 1 week ago
Kevin Gorman

Super director remuneration ...

10 months 2 weeks ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

10 months 2 weeks ago

The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members. ...

1 day 17 hours ago

Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award....

2 days 8 hours ago

APRA data shows the CFMEU accounted for 28 per cent of super fund industrial contributions, with the shadow treasurer calling for a prompt investigation into the payments...

3 days 12 hours ago