ANZ has welcomed the final report of the Parliamentary Joint Committee (PJC) inquiry into the life insurance industry, and has called on Australia's corporate watchdog to make its move to help regain consumer trust in the industry.
“While ANZ is considering the findings, we believe there are a number of recommendations that should be reflected within the next update of the Life Code,” said Alexis George, ANZ group executive for wealth. “It would also be timely for the Australian Securities and Investments Commission to review and approve the Life Code given the positive consumer outcomes it could deliver. An open and transparent review process, followed by ASIC registration and enforcement will enhance the credibility of the code and start to rebuild consumer trust and confidence in the life insurance industry.”
In a statement, ANZ said it “will continue to work constructively with [the] government, industry, and other key stakeholders to implement consumer-focused reforms.”
In February, the major banking group was the first retail superannuation fund to announce it would sign up to and comply with the new Trustee Code.
