ROYAL COMMISSION RECOMMENDATIONS
Sydney February 05, 2019
Vince Watt, Acting Chief Executive Officer, MetLife:
“We’re pleased that the recommendations made by the Royal Commission are clearly designed to serve the interests of consumers and ensure the long-term sustainability of the financial services industry. I believe this will go some way to rebuilding public trust and driving the industry to do better.
By clarifying and formalising the obligations of all parties in the financial services system, including the role of boards, executives, advisers, trustees and regulators, there should be greater certainty for consumers. Calling out standards of behaviour will help the industry meet community expectations.
The Royal Commission has also paved the way for legislative change that will support the implementation of the revised Life Insurance Code of Practice, a piece of work the insurers and the FSC have been developing for some time.
There’s no question the recommendations will impact some quarters of the industry but we see this as an opportunity for meaningful change. Our industry needs to improve to meet community expectations, and while we’ve already made some important improvements to our own business, this can be the catalyst for a better, more customer focused life insurance industry.”
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