The proposed life insurance framework (LIF) legislation that was introduced into Parliament at the end of November 2016 has loopholes and unintended consequences, and fails to include regulatory guidelines on certain aspects, according to a financial services lawyer.
imac legal and compliance principal lawyer, Ian McDermott, noted that the explanatory memorandum of the Corporations Amendment (Life Insurance Remuneration Arrangements) Bill said it would remove the exemption from the ban on conflicted remuneration on certain life insurance products, while all benefits paid on life insurance inside or outside superannuation would face bans on conflicted remuneration.
Read the full article in Money Management
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