FSC hand Life Code to CALI

Mike Taylor

Managing Editor/Publisher, Financial Newswire

28 September 2023

In what represents a significant transition, the Council of Australian Life Insurers (CALI) will take control of the Life Insurance Code of Practice on Friday.

The Financial Services Council (FSC) has announced the hand-over date with chief executive, Blake Briggs expressing pride the work his organisation had undertaken in developing the code.

CALI was formed in late 2022 after the major life insurers voted to end their membership of the FSC and form their own, life insurance-specific grouping.

“As the landscape of industry representation has evolved in the last few years, it has become evident that transferring the Life Code to CALI is the appropriate step forward,” Briggs said. “We are confident that life insurers will be well-served by the new association’s responsibility for the Life Code.”

“Effective from 29 September 2023, CALI will assume responsibility for the Life Code, and become the primary point of contact for code-related matters for industry stakeholders, regulators and policy makers,” the FSC statement said.

Briggs said that the FSC would “continue to be a leading voice in related policy debates, including financial advice and the increased political and regulatory scrutiny surrounding group life insurance in superannuation”.

“Our ongoing involvement in insurance-related policy reflects our commitment to safeguarding the interests of consumers and ensuring that the financial services industry remains responsive to consumers’ needs,” he said.