Footnotes

Chapter 1 - Background to the inquiry

[1]        Scrutiny of Bills Committee, Alert Digest No. 2 of 2016, p. 63, https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Scrutiny_of_Bills/Alerts_Digests/2016/index (accessed 1 March 2016).

[2]        Parliamentary Joint Committee on Human Rights, Examination of legislation in accordance with the Human Rights (Parliamentary Scrutiny) Act 2011: Thirty-fourth Report of the 44^th Parliament, 23 February 2016, p. 1, https://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Human_Rights/Completed_inquiries/2016/Thirty-fourth_Report_of_the_44th_Parliament (accessed 1 March 2016).

[3]        Australian Securities and Investments Commission, Report 413: Review of retail life insurance advice, October 2014, p. 4, http://asic.gov.au/regulatory-resources/find-a-document/reports/rep-413-review-of-retail-life-insurance-advice/ (accessed 29 February 2016).

[4]        Australian Securities and Investments Commission, Report 413: Review of retail life insurance advice, October 2014, p. 4, http://asic.gov.au/regulatory-resources/find-a-document/reports/rep-413-review-of-retail-life-insurance-advice/ (accessed 29 February 2016).

[5]        Australian Securities and Investments Commission, Report 413: Review of retail life insurance advice, October 2014, p. 4, http://asic.gov.au/regulatory-resources/find-a-document/reports/rep-413-review-of-retail-life-insurance-advice/ (accessed 29 February 2016).

[6]        Explanatory Memorandum, p. 16.

[7]        Australian Securities and Investments Commission, Report 413: Review of retail life insurance advice, October 2014, p. 40, http://asic.gov.au/regulatory-resources/find-a-document/reports/rep-413-review-of-retail-life-insurance-advice/ (accessed 29 February 2016).

[8]        Australian Securities and Investments Commission, Report 413: Review of retail life insurance advice, October 2014, p. 43, http://asic.gov.au/regulatory-resources/find-a-document/reports/rep-413-review-of-retail-life-insurance-advice/ (accessed 29 February 2016).

[9]        Australian Securities and Investments Commission, Report 413: Review of retail life insurance advice, October 2014, p. 40, http://asic.gov.au/regulatory-resources/find-a-document/reports/rep-413-review-of-retail-life-insurance-advice/ (accessed 29 February 2016).

[10]      Explanatory Memorandum, p. 16.

[11]      Explanatory Memorandum, p. 6 and House of Representatives Hansard, Second Reading Speech, 11 February 2016, p. 10.

[12]      Mr John Trowbridge, Review of Retail Life Insurance Advice: Final Report, 26 March 2015, p. 2, https://www.afa.asn.au/life-insurance-reform (accessed 1 March 2016).

[13]      Financial Systems Inquiry, Final Report, November 2014, p. vii, http://fsi.gov.au/ (accessed 1 March 2016).

[14]      Financial Systems Inquiry, Final Report, November 2014, p. 217, http://fsi.gov.au/ (accessed 1 March 2016).

[15]      Mr John Trowbridge, Review of Retail Life Insurance Advice: Final Report, 26 March 2015, p. 26, https://www.afa.asn.au/life-insurance-reform (accessed 1 March 2016).

[16]      House of Representatives Hansard, Second Reading Speech, 11 February 2016, p. 9.

[17]      Mr John Trowbridge, Review of Retail Life Insurance Advice: Final Report, 26 March 2015, pp. 7–11, https://www.afa.asn.au/life-insurance-reform (accessed 1 March 2016).

[18]      House of Representatives Hansard, Second Reading Speech, 11 February 2016, p. 10.

[19]      House of Representatives Hansard, Second Reading Speech, 11 February 2016, p. 9.

[20]      Explanatory Memorandum, p. 3.

[21]      House of Representatives Hansard, Second Reading Speech, 11 February 2016, p. 9.

[22]      House of Representatives Hansard, Second Reading Speech, 11 February 2016, p. 9. See also, Financial Services Council, Submission 37; Financial Planning Association, Submission 35; Association of Financial Advisers, Submission 44.

[23]      The Hon. Kelly O'Dwyer MP, Government announces significant improvements to life insurance industry, 6 November 2015, http://kmo.ministers.treasury.gov.au/media-release/024-2015/ (accessed 29 February 2016).

[24]      Explanatory Memorandum, p. 12.

[25]      Explanatory Memorandum, p. 3.

[26]      Explanatory Memorandum, p. 20.

[27]      Corporations Act 2001, section 963A.

[28]      Explanatory Memorandum, p. 5.

[29]      Explanatory Memorandum, p. 7.

[30]      Explanatory Memorandum, p. 7.

[31]      Australian Securities and Investments Commission, Consultation Paper 245: Retail life insurance advice reforms, December 2015, http://asic.gov.au/about-asic/media-centre/find-a-media-release/2015-releases/15-384mr-asic-consults-on-implementation-of-retail-life-insurance-advice-reforms/ (accessed 7 March 2016).

[32]      Australian Securities and Investments Commission, Submission 36, p. 4.

[33]      Explanatory Memorandum, pp. 10–11.

[34]      The Hon. Kelly O'Dwyer MP, Government announces significant improvements to life insurance industry, 6 November 2015, http://kmo.ministers.treasury.gov.au/media-release/024-2015/ (accessed 29 February 2016).

[35]      The Hon. Kelly O'Dwyer MP, Government announces significant improvements to life insurance industry, 6 November 2015, http://kmo.ministers.treasury.gov.au/media-release/024-2015/ (accessed 29 February 2016).

[36]      Explanatory Memorandum, p. 11.

[37]      Schedule 1, item 5, subsections 963BA(3) and (4).

[38]      Schedule 1, item 5, subsections 963BA(3) and (4).

[39]      The Hon. Kelly O'Dwyer MP, Government announces significant improvements to life insurance industry, 6 November 2015, http://kmo.ministers.treasury.gov.au/media-release/024-2015/ (accessed 29 February 2016).

[40]      Explanatory Memorandum, p. 11.

[41]      Schedule 1, item 1, paragraph 912C(1A)(e).     

[42]      Schedule 1, item 6, section 1549A and subsection 1549B(1).

[43]      Schedule 1, item 6, paragraphs 1549B (2)(a) and (b).

[44]      Explanatory Memorandum, p. 13.

Chapter 2 - Views on proposed changes

[1]        Australian Securities and Investments Commission, Report 413: Review of retail life insurance advice, October 2014, pp. 42–43, http://asic.gov.au/regulatory-resources/find-a-document/reports/rep-413-review-of-retail-life-insurance-advice/ (accessed 29 February 2016).

[2]        Australian Securities and Investments Commission, Report 413: Review of retail life insurance advice, October 2014, p. 18, http://asic.gov.au/regulatory-resources/find-a-document/reports/rep-413-review-of-retail-life-insurance-advice/ (accessed 29 February 2016).

[3]        House of Representatives Hansard, Second Reading Speech, 11 February 2016, p. 9.

[4]        Life Protect, Submission 2, p. [1].

[5]        Rate Detective, Submission 52, pp. 8–9.

[6]        Austbrokers Financial Solutions (SYD), Submission 4, p. [1].

[7]        Submission 16, p. [1]. See also, Ms Anita Muecke, Submission 41, p. [2]; Rate Detective, Submission 52, p. 11.

[8]        Mr Ben Sullivan, Submission 15, p. [1]. See also, Association of Independently Owned Financial Professionals, Submission 6, p. [4].

[9]        Financial Services Council, Submission 37, p. 4.

[10]      Mr Paul Harrison, Submission 24, p. [1–2].

[11]      Mr David Hare, Submission 46, p. [2].

[12]      Rate Detective, Submission 52, p. 9. See also, Mr Philip Burke, Submission 3, p. [1].

[13]      Australian Securities and Investments Commission, Report 413: Review of retail life insurance advice, October 2014, p. 15, http://asic.gov.au/regulatory-resources/find-a-document/reports/rep-413-review-of-retail-life-insurance-advice/ (accessed 29 February 2016).

[14]      Australian Securities and Investments Commission, Report 413: Review of retail life insurance advice, October 2014, p. 15, http://asic.gov.au/regulatory-resources/find-a-document/reports/rep-413-review-of-retail-life-insurance-advice/ (accessed 29 February 2016).

[15]      Rate Detective, Submission 52, p. 10.

[16]      Financial Services Council, Submission 37, p. 5.

[17]      See, for example, Form Letter 1, p. [7]; Association of Independently Owned Financial Professionals, Submission 6, p. [2]; Bombora Advice, Submission 50, p. [6]; Rate Detective, Submission 52, p. 1.

[18]      Life Protect, Submission 2, p. [1]. See also, Mr Hilton Bennett, Submission 20, p. [1]; Mr Ben Sullivan, Submission 15, p. [1]; Australian Financial Risk Management, Submission 7, p. 1.

[19]      Association of Financial Advisers, Submission 44, p. 2.

[20]      See, for example, Form Letter 1, p. [7]; Association of Independently Owned Financial Professionals, Submission 6, pp. [2–3].

[21]      Form Letter 1, p. [6].

[22]      Association of Independently Owned Financial Professionals, Submission 6, p. [2].

[23]      Bombora Advice, Submission 50, p. [9].

[24]      Life Protect, Submission 2, p. [1].

[25]      Life Protect, Submission 2, p. [1].

[26]      CHOICE, Submission 43, pp. 2–3.

[27]      Financial Services Council, Submission 37, p.4.

[28]      See also, Zurich Financial Services Australia, Submission 53, p. 5.

[29]      Rate Detective, Submission 52, p. 5.

[30]      Mr Paul Harrison, Submission 24, p. [1].

[31]      Robina Financial Solutions, Submission 8, p. [1].

[32]      See, for example, Austbrokers Financial Solutions (SYD), Submission 4 and Rate Detective, Submission 52.

[33]      Austbrokers Financial Solutions (SYD), Submission 4, p. [1].

[34]      Financial Services Council, Submission 37, p. 5.

[35]      Hallam Financial Strategies, Submission 14, p. [1] (capitals in original). See also, Bombora Advice, Submission 50, p. [11].

[36]      Mr Roland Badia, Submission 9, p. [1].

[37]      Fortnum Financial Advisers, Submission 5, p. [1].

[38]      Zurich Financial Services Australia, Submission 53, p. 4.

[39]      Form Letter 1, p. [6].

[40]      Form Letter 1, p. [6].

[41]      Life Protect, Submission 2, p. [1].

[42]      Life Protect, Submission 2, p. [1]. See also, Rate Detective, Submission 52, p. 1.

[43]      Mr Paul Harrison, Submission 24, p. [1].

[44]      Mr Gregory Hayter, Submission 10, p. [1].

[45]      Fortnum Financial Advisers, Submission 5         , p. [1].

[46]      Rate Detective, Submission 52, p. 6.

[47]      Association of Financial Advisers, Submission 44, pp. 2–3.

[48]      Association of Financial Advisers, Submission 44, p. 5.

[49]      Association of Financial Advisers, Submission 44, p. 3. See also, Financial Services Council, Submission 37, p. 3.

[50]      Association of Financial Advisers, Submission 44, p. 5.

[51]      National Insurance Brokers Association of Australia, Submission 30, p. [1].

[52]      Mr David Hare, Submission 46, p. [1].

[53]      Rate Detective, Submission 52, p. 1.

[54]      Rate Detective, Submission 52, p. 8.

[55]      Mr Philip Burke, Submission 3, p. [1].

[56]      Association of Independently Owned Financial Professionals, Submission 6, p. [2].

[57]      Claudio Financial Services, Submission 18, p. [1].

[58]      See, for example, Bombora Advice, Submission 50, p. [10].

[59]      Association of Independently Owned Financial Professionals, Submission 6, p. [3].

[60]      Australian Securities and Investments Commission, Submission 36, p. 5.

[61]      Australian Securities and Investments Commission, Submission 36, p. 5.

[62]      Association of Financial Advisers, Submission 44, p. 2.

[63]      Association of Financial Advisers, Submission 44, pp. 3–4.

[64]      Industry Super Australia, Submission 51, p. 4.

[65]      CHOICE, Submission 43, p. 3.

[66]      CHOICE, Submission 43, p. 3.