A trade practices education program for the life insurance industry was released today.
The package was prepared by Legal and General Life of Australia Ltd. All registered life insurance companies and related industry associations will receive a free copy.
The package contains a variety of educational material including a video, workbooks and computer based training.
It was developed as part of a settlement with the former Trade Practices Commission. It followed an investigation into alleged third-line forcing of a savings package that was linked to the promotion of a proposed rugby league club.
"This training package is an important educative tool for the life insurance industry. It will bring home to agents their responsibilities under the Trade Practices Act - and the risks they run in contravening it," Australian Competition and Consumer Commission* Chairman, Professor Allan Fels, said today.
"It is a comprehensive package, written in a non-technical, and at times, entertaining manner.
"I urge the industry to take full advantage of the package. The ACCC has indicated already that it will rigorously monitor the activities of the financial services industry, a sector which attracts a disproportionately large number of complaints from consumers."
The package was prepared by Legal and General Life of Australia Ltd. All registered life insurance companies and related industry associations will receive a free copy.
The package contains a variety of educational material including a video, workbooks and computer based training.
It was developed as part of a settlement with the former Trade Practices Commission. It followed an investigation into alleged third-line forcing of a savings package that was linked to the promotion of a proposed rugby league club.
"This training package is an important educative tool for the life insurance industry. It will bring home to agents their responsibilities under the Trade Practices Act - and the risks they run in contravening it," Australian Competition and Consumer Commission* Chairman, Professor Allan Fels, said today.
"It is a comprehensive package, written in a non-technical, and at times, entertaining manner.
"I urge the industry to take full advantage of the package. The ACCC has indicated already that it will rigorously monitor the activities of the financial services industry, a sector which attracts a disproportionately large number of complaints from consumers."