Lawyer Issues Warning to Prepare for LIF

Life risk advisers needed to start considering the practical legal and compliance considerations of the Life Insurance Framework (LIF) reforms ahead of their introduction, according to a legal specialist.

Although advisers would not be able to implement any hard solutions before the LIF outcomes were legislated, they still needed to review their own practices to identify where they might need to make adjustments, imac legal and compliance principal lawyer Ian McDermott told financialobserver. “The important thing the licensees need to do is get working groups together to look through and start documenting all the potential issues [arising from the LIF], and identify gaps between current and projected arrangements,” McDermott said.

Read the full article in Financial Observer