Financial System Inquiry – interim report released

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The interim report of the Financial System Inquiry was released on 15 July.  In the report, the Inquiry’s committee, headed up by Mr David Murray AO, have made 28 observations on how the system is currently operating. There are a range of options for change identified for each observation including the option to make no change. The chair said ‘‘sustaining confidence in our financial system has been central to the work of the Inquiry.”

For the insurance sector, the role of aggregators was identified as an issue that needs further consultation. The submissions to the Inquiry on this issue identified the difficulties in using aggregators for certain insurance lines. The Inquiry is inviting views and further information about whether there should be changes to the use of aggregators across more lines of insurance (given existing use of aggregators for travel insurance, private health insurance and life insurance). This includes inviting views and information on whether an aggregator could provide “meaningful comparison of policies with different levels of coverage.”

Please click here to read the interim report on the Inquiry’s website.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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