The final terms of reference for the Quality of Advice Review were released on 11 March 2022. The Terms of Reference requires the independent reviewer to address recommendations 2.5 and 2.6 of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (Royal Commission), which involves considering the legislative framework for:
the life insurance remuneration reforms, and the impact of the reforms on the levels of insurance coverage; and
the remaining exemptions to the ban on conflicted remuneration, including in life and general insurance.
This Conflicted Remuneration Paper provides a high-level snapshot of the key findings from the data collected by the Review on general insurance and life insurance and puts forward a series of proposals for reform.
