Lawyer Points to Loopholes in Current LIF

November 23, 2017 imac legal 0 Comment

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

IMPORTANT:

Any advice on this website is general only and should not be relied on as a substitute for legal advice tailored to your situation. imac legal & compliance pty ltd trades as imac legal and as imac compliance. We will always let you know beforehand whether we are acting as a law firm or as a compliance consultancy (and not as a law firm) for a particular matter. You have several rights and protections under the law when we act as a law firm.

Liability limited by a scheme approved under Professional Standards Legislation when providing legal services.

Location

Email

Phone

Lawyer Points to Loopholes in Current LIF

IMPORTANT:

Site Map

Recent Posts

Simplifying the financial services laws – pipe

Cyber crime – coming to a financial

SOA Myths and Mistakes

Newsletter