CONSULTATION on the new Code governing the conduct and practices of life insurance members of the Financial Services Council (FSC) has been extended until January 31, 2019.

The draft FSC Life Insurance Code of Practice is designed to lift standards in product design, sales, underwriting, customer service, complaints and claims handling.  The Code was first released for consultation in November 2018, which included public meetings in Sydney, Melbourne and Brisbane. 

More than 20 submissions from the public and key medical, consumer, and welfare groups have been either received or are in the process of being finalised.

FSC CEO Sally Loane said several organisations had requested additional time to make their submissions to the new Code.

“We want interested parties to know that the period for consultation has been extended until 31 January – there is still time to get your views heard,” Ms Loane said.

In all, more than 30 significant changes have been proposed to how FSC member life insurers will treat customers under the new Code, including:

• Banning pressure selling of products and coercive retention tactics.
• Banning medical disclosure checking without reasonable grounds.
• Ensuring customers are no better or worse off at claim time (excluding fraud).
• Improving Funeral insurance to ensure people understand what they are buying.
• A raft of reforms to underwriting, claims and mental health.
• Separating Consumer Credit Insurance (CCI) from credit product sales.

To obtain a copy of the Draft Code and the Consultation Questionnaire, click here.

About the Financial Services Council

The Financial Services Council (FSC) is a leading peak body which sets mandatory Standards and develops policy for more than 100 member companies in Australia’s largest industry sector, financial services. FSC's full members represent Australia’s retail and wholesale funds management businesses, superannuation funds, life insurers, financial advisory networks and licensed trustee companies. FSC supporting members represent the professional services firms such as ICT, consulting, accounting, legal, recruitment, actuarial and research houses. The financial services industry is responsible for investing almost $3 trillion on behalf of more than 14.8 million Australians. The pool of funds under management is larger than Australia’s GDP and the capitalisation of the Australian Securities Exchange, and is the fourth largest pool of managed funds in the world.

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GLOBAL leader in cyber security, QuintessenceLabs, today announced founder and CEO Vikram Sharma’s participation at the World Economic Forum’s 2019 annual meeting in Davos-Klosters this week.

Dr Sharma’s attendance at Davos comes off the back of QuintessenceLabs being named a 2018 World Economic Forum Technology Pioneer, in recognition of the company’s cutting-edge advances in cybersecurity and leadership in quantum innovation.

QuintessenceLabs was one of a select group of companies around the world to be awarded the title of Technology Pioneer, for the design, development and deployment of technologies and innovations poised to make a significant impact on business and society.

While at Davos, Dr Sharma will participate in sessions between other Technology Pioneers and senior annual meeting delegates and share his insights on global security risks, and the role of quantum technologies as both a cybersecurity threat and an opportunity for businesses and governments.

“It was a great honour to be named a 2018 Technology Pioneer and, in turn, be invited to attend Davos with the world’s leaders and influencers across business, government, academia and the arts,” said Dr Sharma.

“I’m looking forward to contributing to a dialogue about today’s critical security challenges and highlighting the technological innovations being developed in Australia, that have the potential to solve global challenges.”

The World Economic Forum Annual Meeting will run from January 22 to January 25 in Davos-Klosters, Switzerland.

www.quintessencelabs.com

About QuintessenceLabs 

QuintessenceLabs is a global leader in quantum-enhanced cybersecurity solutions, creating unique products to deliver the strongest protection for data wherever it is, integrating quantum technology with high-value security capabilities. These include the world’s fastest true random number generator, highly capable key and policy manager, and integrated encryption solutions, to keep organisations secure today and prepared for tomorrow. The company is headquartered in Canberra, Australia.

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THE HOUSE of Representatives Standing Committee on Economics will hold public hearings in Queensland for its inquiry into the implications of removing refundable franking credits.

The chair of the committee, Tim Wilson MP, said, "The committee is examining how the removal of refundable franking credits would affect investors, in particular older Australians who have planned for their retirement under the existing rules and whose financial security could be compromised."

Mr Wilson said, "The committee has received well over 1000 submissions, including many from retires who are concerned they will be forced on to the aged pension if the ability to claim a refund on their franking credits is removed.

"These hearings will provide an opportunity for Australians impacted by a change to refundable franking credits to address the committee directly with a three minute statement, and we welcome their contributions and participation," Mr Wilson said.

Public hearing details:

Townsville, 2pm to 3.30pm, Tuesday, 29 January 2019, Pandora Room, Hotel Grand Chancellor, 334 Flinders St, Townsville City, Queensland.

Alexandra Headland, 9am to 10.30am, Wednesday, 30 January 2019, The Bluff Function Room, Alexandra Headland Surf Life Saving Club, 167 Alexandra Parade, Alexandra Headland, Queensland.

Paddington, 2.30pm to 4pm, Wednesday, 30 January 2019, Presentation Room, The Lavalla Centre, 58 Fernberg Rd, Paddington, Queensland.

Eight Mile Plains, 9am to 10.30am, Thursday, 31 January 2019, Central Auditorium, Brisbane Technology Park Conference Centre, 1 Clunies Ross Ct, Eight Mile Plains, Queensland.

Upper Coomera, 2pm to 3.30pm, Thursday, 31 January 2019, Upper Coomera Centre, 90 Reserve Rd, Upper Coomera, Queensland.

Further public hearings will be announced as the inquiry progresses. The hearings will be webcast live (audio only).

A number of submissions have been received and are available on the committee’s webpage at: www.aph.gov.au/economics.

A number of submissions are still being processed and will be published over the coming months. Submissions can be made online or by emailing This email address is being protected from spambots. You need JavaScript enabled to view it..

www.aph.gov.au/economics

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CREW MEMBERS of the last Australian vessels operated by BHP and Bluescope are demanding the Federal Government intervene by refusing to issue a temporary license allowing flag of convenience ships crewed by exploited foreign workers to carry iron ore between Port Hedland and Port Kembla.

Almost 80 crew members from the MV Mariloula and MV Lowlands Brilliance were notified this week that the ships would be immediately withdrawn from the coastal shipping route and their jobs axed.

A number of these workers will tomorrow make a public plea to the Morrison Government to use their regulatory powers to save Australian seafaring jobs.

The seafarers will be joined by Maritime Union of Australia Southern NSW relieving branch secretary Mick Cross, along with Member for Cunningham and Standing Committee on Infrastructure, Transport and Cities deputy chair Sharon Bird, Member for Wollongong Paul Scully, and Member for Shellharbour Anna Watson.

The MUA said BHP and Bluescope were legally unable to use exploited foreign seafarers to carry iron ore between Australian ports without a temporary licence. These licences are subject to ministerial discretion, meaning the Deputy Prime Minister Michael McCormack, in his role as Minister for Infrastructure and Transport, will ultimately determine whether Australian seafarers remain on these iron ore vessels.

The loss of the MV Mariloula and MV Lowlands Brilliance will see the end of 100 years of Australian merchant mariners carrying iron ore for BHP.

www.mua.org.au

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