The week that was…
This week saw the release of the final report from the Hayne Royal Commission. I can’t claim to have read through all of it but certainly have read significant portions of it.
From a consumer’s perspective, I think there are some significant positives. There are recommendations to tighten the laws surrounding insurance contracts to ensure they are fair, which will hopefully avoid a repeat of some of the issues we saw with CommInsure over the past few years.
I think the intent in ensuring consumers are more easily able to understand any limitations on the advice they receive is important. I also agree with the desire to continue to improve transparency around the costs of advice.
While there has been much noise generated in the media following the release of the report, it is important to recognise that at this stage these are merely recommendations. For the recommendations to become law requires parliament to act.
We are continuing to examine the recommendations, and regardless of the outcome of legislation will continue to work to improve our services so they represent best practice - and most importantly deliver value to you.
If you would like to discuss any of the issues arising from the report, please let me know.