The Financial Services Council (FSC) is proud to announce the upcoming implementation of the New Life Code of Practice (new Life Code) on 1 July 2023, which will introduce over 50 comprehensive consumer protections that will change the way customers interact with their life insurers.
FSC, CEO, Blake Briggs said: “This significant milestone in the life insurance industry represents its commitment to prioritising consumer interests and ensuring that Australians can take out life insurance with greater confidence.
“The new Life Code will come into effect in less than a month and will encompass all aspects of the customer’s journey, from the design and sale of products to the claims process. By setting higher standards than what the law mandates, the new Code will increase trust, transparency, and fairness in the life insurance sector.”
On the eve of its release, and to assist consumers in understanding their rights under the New Code, the FSC has released a detailed guide on life insurance law that outlines the most important legal rights and obligations for life insurance customers, along with a consumer fact sheet that details key information about life insurance premiums.
“Along with the new Code these resources will serve as valuable tools to empower customers to make informed decisions about their life insurance cover.
“The new Life Code demonstrates the FSC’s dedication to driving positive change and raising the bar for consumer protection within the life insurance industry,” added Mr Briggs.
For more information about the New Life Code of Practice and to access the new consumer premium factsheet and life insurance law guide, visit www.fsc.org.au/life-code
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About the Financial Services Council Australia
The FSC is a peak body which sets mandatory Standards and develops policy for more than 100 member companies in one of Australia’s largest industry sectors, financial services. Our Full Members represent Australia’s retail and wholesale funds management businesses, superannuation funds, life insurers and financial advice licensees. Our Supporting Members represent the professional services firms such as ICT, consulting, accounting, legal, recruitment, actuarial and research houses. The financial services industry is responsible for investing more than $3 trillion on behalf of over 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 one of the largest pools of managed funds in the world.