Former APRA member John Trowbridge has been appointed as independent chairman of the Life Insurance and Advice Working Group.
The working group, which was established by the Financial Services Council (FSC) and the Association of Financial Advisers (AFA), will address the issues raised by ASIC in its Review of Retail Life Insurance and Advice report.
In his role as independent chair, Mr Trowbridge will convene the working group and facilitate industry and policy solutions to address the concerns of ASIC regarding retail life insurance product structures, financial advice and distribution practices.
AFA chief executive Brad Fox said Mr Trowbridge’s appointment will be very important in assisting the group develop workable solutions to address the findings of ASIC’s report.
“Mr Trowbridge brings extensive knowledge of Australia’s regulatory system to the working group. This will be pivotal in assisting the group to develop sustainable and workable solutions for stakeholders,” Mr Fox said.
FSC chief executive John Brogden said it is taking the findings of the ASIC report “very seriously”.
“It is important that consumer trust and confidence in financial advice and products is restored to ensure Australians have sufficient life insurance cover,” Mr Brogden said.
Prior to his appointment, Mr Trowbridge has worked across the private and public sectors of the financial services industry, including his role with APRA where from 2006 to 2010 he was responsible for observing life and general insurance and executive remuneration.
The working group will also include three representatives from the FSC and AFA.
A public report on the group’s initial findings will be released in December and a final report in February 2015.