Risk Regulatory Update
/FSC issues new Life Code, welcomes new life association
The Financial Services Council (FSC) in consultation with the life insurance industry has published the new Life Insurance Code of Practice, due to come into force on 1 July 2023. The new code introduces over 50 additional consumer protections.
Low adviser pass rate for second exam in a row
The financial adviser pass rate for the exam was very low for the second time running, with just over 40 per cent of advisers passing in May. Over 70 per cent of the candidates were sitting the exam for at least the second time. Just 32 per cent passed the February exam. The next exam will be held in July.
CALI: Life insurance association to form
An announcement has been made on the formation of a life insurance-specific association with a focus on policy and regulatory issues, CALI: Council of Australian Life Insurers. The new association will become a reality later in 2022.
