The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry made a number of recommendations to ensure consumers were protected against potentially misleading or deceptive products, including funeral expenses.
On 4 February 2019, the Government released its response to the Royal Commission, and is taking action on all 76 recommendations.
The Government is today releasing exposure draft legislation for public comment which implements an additional commitment in response to recommendation 4.2 of the Royal Commission.
The additional commitment: recommendation 4.2 will make it a strict liability offence for a business to describe a product or service that they offer as insurance, if the product or service is not insurance, in circumstances where it is likely that the product or service could mistakenly be believed to be insurance.
You can submit responses to this consultation up until 28 February 2020. Interested parties are invited to comment on this consultation. You may make one submission across open consultations. In doing so, please make clear which measures your submission relates to.
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. All submissions (whether or not made public) will also be provided to ASIC and/or APRA unless you otherwise indicate. 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 System Division
Parkes ACT 2600
Phone: Cosimo Thawley +61 2 6263 2111