Misconduct inquiry asks if Australian insurance sector needs regulatory overhaul


By Paulina Duran

SYDNEY (Reuters) – A government-ordered inquiry into Australia’s financial sector questioned on Wednesday whether the insurance industry’s system of self-regulation should be overhauled amid evidence of widespread misconduct.

The Royal Commission, as the powerful inquiry is called, said in a paper it is considering whether laws should be strengthened to protect consumers. It will accept comments from the public until Oct. 25 before making a recommendation to the government.

“Is the current regulatory regime adequate to minimize consumer detriment?” the inquiry, headed by former judge Kenneth Hayne, asked in the paper.

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