Key Documents
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry made a number of recommendations to ensure consumers were protected against potentially misleading or deceptive products, including funeral expenses.
On 4 February 2019, the Government released its response to the Royal Commission, and is taking action on all 76 recommendations.
The Government is today releasing exposure draft legislation for public comment which implements an additional commitment in response to recommendation 4.2 of the Royal Commission.
The additional commitment: recommendation 4.2 will make it a strict liability offence for a business to describe a product or service that they offer as insurance, if the product or service is not insurance, in circumstances where it is likely that the product or service could mistakenly be believed to be insurance.