FSC chief executive Sally Loane said in a statement that self-regulation can be implemented much faster than costly and time-consuming legislation, and that further legislation would be unnecessary.
“The code has the capacity to evolve and change with consumer needs, and will deliver consumer benefits in a much more efficient and timely way than waiting for complex legislation,” she said.
“The code, which ASIC has acknowledged should improve outcomes for consumers, will be continuously improved and developed.
“Further iterations of the code, for instance, will directly deal with other stakeholders in life insurance including superannuation fund trustees.”
The code introduces clear time frames for claims management and communication updates, and that there are also requirements around decision timeframes to ensure claims are dealt with in a timely fashion, the statement said.
It also said there are rules around the conditions under which insurers can make use of surveillance to verify the legitimacy of claims.
So the corrupt FSC don’t want to be forced into regulation but just want to come up with a code with no substance that they may do or may improve but no guarantees. They do want advisers incomes regulated though to increase their profits and drive advised risk business out of the market so they can sell more cheap direct junk insurance.
The FSC is just a corrupt cartel body run by corrupt CEO’s
Of course Sally, a Code for the FSC by the FSC that actually makes the FSC do nothing new is a wonderful piece of regulatory BullS..t.
“If you tell lies long enough the FSC even believes their own lies”