The Financial Services Council (FSC) is pleased to launch the life insurance industry’s first-ever industryled consumer Code of Practice.
The Code is mandatory for FSC members, and is first and foremost for consumers.
It will ensure that insurer practices and obligations are lifted substantially to better meet consumer needs and expectations.
The Code is governed by an independent body which will ensure compliance.
The Code requires insurers to improve disclosure to customers, provide greater transparency in communications, decide claims within set timeframes, limit the use of surveillance, and provide additional support for vulnerable consumers.