Nationals Senator John Williams has urged advisers to submit their concerns about the LIF to a new parliamentary inquiry, despite the fact that the bill is on its way to implementation.
Speaking at the AIOFP conference on the Gold Coast yesterday, Mr Williams said the life insurance inquiry – to be conducted by the Parliamentary Joint Committee on Corporations and Financial Services – will be looking at remuneration structures, along with other issues.
The deadline for the inquiry was today, but late submissions are generally welcomed, Senator Williams said.
Those who have concerns regarding the reintroduced LIF bill should make a submission, he said.
“What we need in this inquiry is people like you. You know the industry better than the politicians. That is why we have hearings – to get your feedback, your input, collect that information and then make recommendations to the government.”
“So we would be glad if you would feed information to us. We’ll do the right thing, the best we can.”
Senator Williams said earlier this week he expected the LIF bill would be “done and dusted” and passed in Parliament without controversy.
He told the inaugural AFA/Beddoes Institute Consumer Choice Awards in Sydney that he did not believe the LIF bill would be opposed in the Senate. He said that 80 per cent of legislation is passed unopposed.
“When it gets to the Senate, I don’t expect it to be a huge tidal wave. I think it’s tidying the industry up and improving the industry, and I think the Senate will take it pretty well,” Senator Williams said.
“I’m sure that, with [Minister for Financial Services] Kelly O’Dwyer’s work with [Shadow Treasurer] Chris Bowen and others on this issue, that will be the case.
“I think that will be done and dusted. It’s not controversial.”