Misconduct inquiry asks if Australian insurance sector needs regulatory overhaul

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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.

Read more at : https://www.investing.com/news/stock-market-news/misconduct-inquiry-asks-if-australian-insurance-sector-needs-regulatory-overhaul-1623956

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