Open Banking Review Issues Paper – Joint Submission
Submission to: The Treasury
Related Projects
Product Intervention Powers
Submission to: ASIC
We support the approach by ASIC on the implementation of the product intervention power. In legislating this power, the Parliament has recognised the need for ASIC to prevent or halt significant consumer detriment when it is identified.
We support the approach by ASIC on the implementation of the product intervention power. In legislating this power, the Parliament has recognised the need for ASIC to prevent or halt significant consumer detriment when it is identified.
Making Insurance Claims handling a Financial Service
The Financial Services Royal Commission recommended improvements in consumer protection for insurance claims handling. We support that recommendation and the draft legislation to implement it.
The proposed changes will ensure that insurance claims are covered under the definition of “Financial Service” in the Corporations Act and improve disclosure when settling an insurance claim. This will be beneficial for people claiming on their insurance policies.
Additional protections are needed in the proposed laws however, to protect people from exploitation, including extending the legislation to include paid claims handling services and life insurance. There should also be additional protections for people settling an insurance claim following a natural disaster.