Industry unites in message to select committee
Oral submissions were made on the Conduct of Financial Institutions Bill on Wednesday.
Key themes were repeated by many submitters, who said the bill was rushed, left too much power over incentives to regulators, which could deal a potentially fatal blow to advice businesses, and there was too much crossover with other rules and regulations the sector was working under.
Insurers Cigna, AIA and Partners Life all argued that the recent Covid-19 outbreak had shown their good conduct in action – they had offered hardship provisions to consumers who struggled financially and contacted those who might need extra help.
Michael Burrowes, head of legal at Cigna, said the bill was a good idea but there had been a lack of consultation with the industry for what would be a substantial and important regime. The result was rushed, complex and lacked the appropriate clarity and detail.
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