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Insurance Business | 21 Oct 2014, 08:42 AM Agree 0
ASIC is looking to crack down on mis-sold insurance products over the coming year.
  • Geoff Grimshaw | 21 Oct 2014, 10:59 AM Agree 0
    Mr Medcraft says ASIC will "ACT quickly" Well with the recent scandal involving CTB Financial planning it took months to act. I think ASIC is well and truly over due for it's own audit in what it actually do's for the consumer
  • Graham | 21 Oct 2014, 05:21 PM Agree 0
    It is now legislated advisers must act in the best interests of clients. The next step must surely be to legislate financial products can only be arranged by advisers. As long as we have product providers who prefer to flog products direct purely to maximise profits there will be no recognition of a profession by the General public for people working in insurance.
  • rob | 22 Oct 2014, 09:36 AM Agree 0
    hopefully, they will also look at insurance mis-spelling!!!!!
  • Daffy | 24 Oct 2014, 10:13 AM Agree 0
    Hopefully ASIC will be allowed to devote the requisite resources to address these issues. Inappropriate sales practices have long plagued the insurance industry with management turning a blind eye to some 'interesting' performances or worse still rewarding these performances lavishly. The consumer is forgotten and seen as simply a source of revenue to be flogged products with near single digit loss ratios in some instances.
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