Inconsistent LIF Regulations Create Loopholes
The draft regulations for the Life Insurance Framework legislation need further clarification, according to a lawyer operating within the financial services sector who has claimed the regulations create loopholes around clawback and conflicted remuneration.
imac legal and compliance Principal Lawyer, Ian McDermott said inconsistencies in the treatment of clawback may allow advisers to circumvent the rules by rebating clients to retain their policies.
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