OPINION PIECE - by Paul Callaghan, General Counsel & Company Secretary 

Introducing our two new FMBC and FSC board members. 

Online attendees at this week’s FSC Life Insurance Summit heard numerous industry leaders discuss the substantial challenges facing the life insurance sector.

The life insurance industry is at an “inflection point” which challenges its long-term sustainability and demands fundamental change: this was the consensus view from a panel of industry leaders comprising regulators, re-insurers and product manufacturers.

Financial advisers have been “inundated” with enquiries from clients during the COVID-19 pandemic and people without advisers had struggled to find someone to help them, the FSC’s Life Insurance Summit was told.

The Fee Disclosure Statement (FDS) became part of our advice regulation the Future of Financial Advice (FOFA) reforms nearly a decade ago.