In response to recommendation 4.2 of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, the Government has released for exposure:
- draft regulations to remove the exemption for funeral expenses policies from the definition of financial products for the purposes of the Corporations Act 2001; and
- draft legislation to ensure that it is clear that the consumer protection provisions of the Australian Securities and Investments Commission Act 2001 apply to funeral expenses policies.
The draft regulations and legislation seek to enhance the accountability of funeral expenses policy providers by ensuring they act efficiently, honestly and fairly and abide by the financial service licence requirements in the Corporations Act. Providers of funeral expenses policies will also be subject to anti-hawking obligations.
You can submit responses to this consultation up until 18 October 2019. Interested parties are invited to comment on this consultation.
While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.
All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.
Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.
View our submission guidelines for further information.
How To Respond
Address written submissions to:
Financial Services Reform Taskforce
PARKES ACT 2600
Phone: +61 2 6263 2111