THE Financial Services Council (FSC) has released the second draft of the Life Insurance Code of Practice 2.0 (Code) for public consultation.

The revised draft released today incorporates feedback from the first consultation draft, as well as recommendations from the Parliamentary Joint Committee on Corporations and Financial Services inquiry into the life insurance industry, ASIC reviews, Productivity Commission reports, feedback from consumer advocates and the Hayne Royal Commission.

FSC CEO Sally Loane said, “The Code, which is mandatory for all FSC’s life insurance members and will be governed by the independent Life Code Compliance Committee, has been reviewed line by line and letter by letter from the starting point that every clause can be improved.

“We have had the Code independently re-structured and re-written by plain English experts to ensure that the Code is as easy to read and as easy to navigate for everyday Australians as possible,” Ms Loane said.

“The FSC appreciates the consultative approach taken over recent months by consumer groups which has helped us develop a stronger and more consumer-focused Code.

“The FSC is pleased to present this version for a final public consultation before we submit the Code for registration under ASIC’s new enforceable code regime.”

The first Code originally came into effect on June 30, 2016, binding all life insurance FSC members to minimum standards of service for consumers for the first time. The Code covers all new policies taken out in Australia, because all life insurers issuing new policies in Australia are FSC members.

“I am proud of the current Life Insurance Code of Practice and of the industry’s enthusiasm to adopt it, but we recognise that Codes can always be further improved, and that’s what this version sets out to do,” Ms Loane said.

“We look forward to working with all stakeholders to ensure the Code gives consumers the confidence to get life insurance and trust that it will work as they expect and when they need it.”

Interested parties can give their feedback on this draft of the Code until September 29, 2021. Send any feedback to This email address is being protected from spambots. You need JavaScript enabled to view it..

To find out more, including to download a copy of the revised Code, go to https://fsc.org.au/resources/2247-fsc-life-insurance-code-of-practice-2-0-final-consultation-version/file

About the Financial Services Council
The Financial Services Council (FSC) has over 100 members representing Australia's retail and wholesale funds management businesses, superannuation funds, life insurers, financial advisory networks and licensed trustee companies. The industry is responsible for investing almost $3 trillion on behalf of more than 15.6 million Australians. The pool of funds under management is larger than Australia’s GDP and the capitalisation of the Australian Securities Exchange and is the fourth largest pool of managed funds in the world.

ends

THE House Employment, Education and Training Committee will hear evidence from key peak bodies and other organisations by videoconference as hearings continue for the inquiry into adult literacy and its importance.

Committee Chair, Andrew Laming MP said, "The committee has received a broad range of evidence on the need for improved strategies for supporting people with low English language, literacy, numeracy and digital literacy to improve their skills and to access vital services.

"On Thursday, we will hear from the Federation of Ethnic Communities' Councils of Australia and the Settlement Council of Australia on migrant and refugee literacy issues. We will also hear evidence on the teaching of English to speakers of other languages from the Australian Council of TESOL Associations," Mr Laming said.

"To help us investigate First Nations literacy challenges, we will hear from the Literacy for Life Foundation, Tharawal Aboriginal Corporation and the National Aboriginal Community Controlled Health Organisation.

"The Australian Primary Principals Association and the Australian Council of State School Organisations will provide evidence about school education, and Community Colleges Australia and the Australian Council of Adult Literacy will give evidence about adult literacy provision," he said.

"The committee will also hear from Family Planning New South Wales about the importance of health literacy, and the Mid North Coast Community Legal Centre, who will provide evidence on the difficulties people with low literacy experience accessing services and the support available to them."

Public hearing details

Date: Thursday, 19 August 2021
Time: 9am to 4pm (AEST)
Location: via videoconference
Program: available here.

The hearings will be broadcast live at aph.gov.au/live.

Further information about the inquiry is available on the Committee’s website.

ends

The University of Southern Queensland is welcoming a new head of School of Business, with their vision for growth and innovation to be unveiled at a webinar tonight.

COVID-19 has changed the face of employment in Australia, shifting workforces and opening up a global, virtual talent pool.

This ‘new normal’ is the focus of the University of Southern Queensland’s new head of school and dean of business, Professor Lan Snell.

“The labour market is not the same as it was in 2019 - the world has transformed,” Prof. Snell said. “There has been a migration of employment patterns: workers no longer tied to an office have made sea changes or tree changes, and many expats have returned to our shores.

“The upswell of online work has also levelled the playing field, giving regional universities the same global platform as any other education institution.”

Professor Snell will present a webinar on the topic through USQ Alumni tonight (August 17). She has more than 20 years of leadership experience across academia and professional services, having led transformational change across three business schools: Charles Sturt University, University of Technology Sydney and Macquarie Business School.

“Looking ahead, enterprise skills such as communications and teamwork will be even more critical in setting people up for work in a post-COVID workforce,” Prof. Snell said. “We must develop our muscle to be adaptable to compete.”

Learn more about studying Business and Management at the University of Southern Queensland via www.usq.edu.au/study/degrees/business-and-management.

Webinar details:
When: Tuesday 17 August, 7pm–7.30pm (Brisbane, Australia time)
Where: Online via Zoom 
Registration is required: Click here to register

ends

THE House of Representatives Standing Committee on Tax and Revenue has commenced an inquiry into housing affordability and supply in Australia.

The chair of the committee, Jason Falinski MP said, “As data provided by the Reserve Bank of Australia (RBA), the Treasury and the Australian Bureau of Statistics (ABS) shows, home ownership, one of the building blocks of Australian society, has been falling for the last 30 years. In my view, this represents an urgent moral call for action by governments of all levels to restore the Australian dream for this generation and the ones that follow.

“Arguments about the impact of increased subsidies and tax concessions on housing have continued for some time. There is ample evidence that points to the small effect such measures have on supply, indeed the research points to limitations on land and restrictive planning laws as the major causes of shortages in supply. As consistently noted by the RBA and others, regulatory settings are directly responsible for the unresponsive nature of housing supply in Australia.

“The Organisation for Economic Co-operation and Development (OECD) conducted an analysis of Australia’s housing market, particular its very high ratio of housing prices to household incomes. The OECD concluded that Australia’s unusually high level of inelasticity in housing is the major driver of this ratio. This has resulted in our country having the fourth-fastest house price growth out of the world’s advanced economies over the past 20 years.

“This is best demonstrated by the following fact: total residential private building approvals decreasing 44 percent across the nation from 2016 to 2020 compared to the previous five-year period according to the ABS. While market supply has collapsed with new home listings down to record lows according to Core Logic using the most recent five-year average," Mr Falinski said.

“It is with this context that the House of Representatives Standing Committee on Tax and Revenue will investigate the impact of tax and regulatory regimes on price, affordability, and supply of housing in Australia today as well as into the future.”

Submissions from interested individuals and organisations are invited by Monday, September 13, 2021. The preferred method of receiving submissions is by electronic format lodged online using a My Parliament account.

Further information about the inquiry including the terms of reference is available on the committee’s website.

Public hearing details

Public hearings for the inquiry will be held in due course and notified through the committee’s website.