Royal Commission impacts

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Find out about the impacts of the Financial Services Royal Commission.

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In this engaging and interactive 2 hour workshop we explore the impacts, interactions and inter-dependencies of the raft of insurance regulatory reforms arising from the Financial Services Royal Commission, the Government implementation roadmap and the 2020 General Insurance Code of Practice.

The workshop is designed for business leaders tailored to your business, operating model, distribution channels, and unique customer experience so that practical issues are explored and insights provided.

The Reforms that we explore include

  • Financial Accountability Regime (FAR)
  • Product Design & Distribution Obligations
  • Claims handling as a Financial Service
  • Unfair contract terms regime
  • Duty not to make a misrepresentation
  • No hawking
  • Strengthening breach reporting
  • Add-on insurance deferred sales model
  • Use of the terms ”insurance” and ”insurer”
  • ASIC’s update to Internal Dispute Resolution
  • Reforms impacting regulators such as establishing the Financial Regulator Assessment Authority and increased powers for ASIC, AFCA and the GI Code Governance Committee
  • APRA consultations including CPS 511 Remuneration
  • Enforceability of Industry Codes
  • 2020 GI Code of Practice

 

The workshop experience

The workshop is facilitated by Paul Muir & includes practical tips & guidance tailored to your firms obligations & way of working. The workshop is designed to assist with practical business impacts and understanding opportunities to enhance the customer experience, with Paul’s insights to encourage curiosity, deeper thinking & open discussion.

Who are the training workshops for?

Our training workshops are individually tailored to your needs whether you are an insurer, AFSL or Authorised Rep online distributor, underwriting agency or claims service supplier. We also cater to the needs of Insurtech and Regtech organisations.

Next steps?

To obtain details of costs and further information on our 2020 Regulatory Reform workshops contact us at paul.muir@complianceadvocacysolutions.com.au