The retail life industry's reform package has been welcomed by the Assistant Treasurer today and provides confirmation of the industry's determination to work collaboratively for solutions that will provide significant benefits for consumers.
TAL supports the reform package and the industry's recommendations as an important step forward for the life insurance industry. TAL participated actively in the discussions to address the structural issues that have negatively impacted the industry and importantly, undermined consumer confidence in the sector as a result.
TAL Group CEO, Brett Clark said: "We have been able to grow the business consistently in each of the four years of full ownership by Dai-ichi Life. We attribute this success to an unwavering focus on our core business and customers, and a strong partnership focus with our business partners".
Brett Clark, CEO of TAL said: "The industry's proposal is a balanced yet significant package of reforms that are designed to provide a way forward for life insurers and advisers to work together to deliver a sustainable and high quality life insurance industry for consumers.
"Consumers must receive outcomes of the highest quality when it comes to important financial decisions around life insurance products and financial advice. Consumers must be confident the life insurance products and services they receive are delivered without any perceived or real conflict. The reforms are designed to help us collectively evolve our industry to ensure more Australians are covered by life insurance and seeking financial advice.
"We appreciate that the recommendations involve substantial changes for many financial advice businesses and we will support them through this transition. Australians need more and better access to trusted financial advice and we will continue to invest strongly in this market to ensure this happens."
Natalie Kitchen 02 9448 9224/0432 419 533 email@example.com
About TAL: The specialist voice of life insurance in Australia
TAL is Australia's largest life insurance company with leading competitive offerings in each of its core distribution channels: direct to customers; through financial advisers; and via group and workplace superannuation schemes. TAL provides more life insurance solutions to Australians than any other insurer. TAL is owned by The Dai-ichi Life Insurance Company, Limited, one of Japan's largest life insurers.