Continuing on from our blog series “Insurance After Hayne”, we will be posting short interviews with industry and legal experts on the Hayne recommendations and the proposed reforms to the industry.
In the second instalment of the series, we were joined by John Price, Lead Ombudsman for General Insurance Decisions at the Australian Financial Complaints Authority (AFCA), to discuss Commissioner Hayne’s recommendation to provide for legally enforceable provisions of industry codes.
If industry codes are to be more than public relations puffs, the promises made must be made seriously. If they are made seriously (and those bound by the codes say that they are), the promises that are set out in the code, and are intended to govern the particular relations between the provider and the acquirer of a financial product or financial service must be kept. This must entail that the promises can be enforced by those to whom the promises are made…
– Commissioner Hayne, Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry
Hosted by Matt Ellis (insurance and regulatory partner, Melbourne), and joined by Ray Giblett (insurance and regulatory partner, Sydney), John kindly shared his and AFCA’s views on:
- Treasury’s consultation paper on the enforceability of code provisions;
- AFCA’s role and approach to the enforceability of code provisions;
- The importance of fairness in determinations made by AFCA and its interaction with industry codes; and
- The role of AFCA in systemic breaches and the investigation of egregious conduct.
We are immensely grateful to John for taking time to share his thoughts for the benefit of the industry and our clients.
The webinar is 30 minutes in duration – perfect for your commute to or from the office. As always, we welcome feedback and discussion on this important regulatory reform. Please contact either Matt or Ray should you wish to discuss further.
We hope you enjoy the webinar.
Link to webinar here..