Lawyer Points to Loopholes in Current LIF

A leading lawyer has highlighted some “concerning” loopholes and unintended consequences within the current Life Insurance Framework that are contrary to its intended aims.

Principal lawyer for Imac legal & compliance Ian McDermott explores in a LinkedIn post the proposed removal of the licensee exemption from the ban on conflicted remuneration.

The explanatory memorandum of the bill states that the intended effect of the exemption removal is that “all benefits paid in relation to life insurance, whether offered inside or outside superannuation, are subject to be [sic] ban on conflicted remuneration”.

Read the full article in IFA