FMA - Rob Everett calls for change to be “chosen rather than imposed”
Longevity Is the Biggest Risk Facing Clients Today

Australia: Financial Services Council suggests further amendments

In their submission to a Treasury consultation, the Australian FSC is urging the reconsideration of certain professionals from being experts in claims matters as they are independent of insurers and do not hold delegated authority to make claims decisions. In its submission, the FSC also argued against additional disclosure obligations being imposed. Fascinating for claims sector watchers here in New Zealand: imagine if a physiotherapist that provides a report on a claims case (as opposed to providing services directly to a claimant) had to hold a licence to do so - in much the same manner as a financial services provider has to? How many physios do you think would seek such a licence? What do you think it would do to the cost of getting a claim file reviewed? Click here to read more. I hope the Australian FSC is able to win this point. 

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Brian Klee

I find it incredible that a professional industry body would attempt to introduce this type of draconian restraint. Very sad....

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