In a statement released by the FSC/AFA-administered working group, the LIAWG said it had received submissions from a number of industry stakeholders advisers, life insurance companies and consumer advocates.
LIAWG independent chairman John Trowbridge said the engagement from the industry and community has been “very encouraging”.
“Many have offered views, opinions and suggestions but many have also provided valuable information and analysis, both qualitative and quantitative, on a range of aspects affecting those businesses and individuals,” Mr Trowbridge said.
The working group also said Mr Trowbridge will produce a final report from the submissions that will address the issues raised by ASIC in its review of retail life insurance advice.
“The ultimate aims are to ensure quality advice for consumers and improved insurance coverage across the community,” Mr Trowbridge said.
“These aims will guide assessment of the submissions and formulation of recommendations,” he said.
The final report will be handed down at the end of March 2015.
