ASIC Provides Guidance on Life Insurance Advice

12 December 2017

Business people

This week, ASIC released a new sample Statement of Advice for Life Insurance, with the purpose of providing guidance to life insurance advisers on how to produce compliant  SOAs that are concise and easy to understand.

ASIC has developed the sample SOA based on behavioural research into how consumers read and understand the information in SOAs. It contains limited advice for a new client and covers Life and TPD, Income Protection and Trauma cover.

The sample SOA is based on what ASIC has determined to be good practice disclosure, rather than best practice disclosure.

To review the sample SOA, follow the link to Regulatory Guide 90 Example Statement of Advice: Scaled advice for a new client: http://download.asic.gov.au/media/4567144/rg90-published-7-december-2017.pdf 

 

 

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