The retail life industry’s reform package has been welcomed by the Assistant Treasurer today and provides confirmation of the industry’s determination to work collaboratively for solutions that will provide significant benefits for consumers.
TAL supports the reform package and the industry’s recommendations as an important step forward for the life insurance industry. TAL participated actively in the discussions to address the structural issues that have negatively impacted the industry and, importantly, that undermined consumer confidence in the sector as a result.
The industry’s proposal is a balanced yet significant package of reforms that are designed to provide a way forward for life insurers and advisers to work together to deliver a sustainable and high-quality life insurance industry for consumers.
Consumers must receive outcomes of the highest quality when it comes to important financial decisions around life insurance products and financial advice. They must be confident the life insurance products and services they receive are delivered without any perceived or real conflict. The reforms are designed to help us collectively evolve our industry to ensure more Australians are covered by life insurance and seeking financial advice.
We appreciate that the recommendations involve substantial changes for many financial advice businesses and we will support them through this transition. Australians need more and better access to trusted financial advice and we will continue to invest strongly in this market to ensure this happens.
Brett Clark is the chief executive officer of TAL