John Williams (NSW, National Party) Share this | Link to this | Hansard source

I move:

That the following matters be referred to the Parliamentary Joint Committee on Corporations and Financial Services for inquiry and report by 30 June 2017:

(a) the need for further reform and improved oversight of the life insurance industry;

(b) assessment of relative benefits and risks to consumers of the different elements of the life insurance market, being direct insurance, group insurance and retail advised insurance;

(c) whether entities are engaging in unethical practices to avoid meeting claims;

(d) the sales practices of life insurers and brokers, including the use of Approved Product Lists;

(e) the effectiveness of internal dispute resolution in life insurance;

(f) the roles of the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority in reform and oversight of the industry; and

(g) any related matters.

Katy Gallagher (ACT, Australian Labor Party) Share this | Link to this | Hansard source

I seek leave to make a short statement.

Stephen Parry (President) Share this | Link to this | Hansard source

Leave is granted for one minute.

Katy Gallagher (ACT, Australian Labor Party) Share this | Link to this | Hansard source

The opposition will be supporting Senator Williams's motion to refer these issues to the Parliamentary Joint Committee on Corporations and Financial Services. We will not stand in the way of this important work, unlike those opposite, who are blocking a royal commission. Labor's preference would be for the government to establish a royal commission into the banking and financial services sector that would put a stop to the scandals and misconduct and that would restore public confidence in Australia's financial institutions. But we will support this motion because we believe these are significant issues that should be examined by this committee.

Question agreed to.