Urgency in Financial Reform: A Call for Swift Action

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

The financial sector is poised for the release of the second tranche of the Delivering Better Financial Outcomes (DBFO) legislation. On 10-11 February, the sold-out Professional Planner Advice Policy Summit will convene at Old Parliament House in Canberra, ACT, focusing on how essential reforms can broaden access to financial and life insurance advice.

During the summit, Cupitt will speak at the 'Reviving Life Insurance Advice Ecosystem' session to highlight the potential of onboarding a new class of adviser. This initiative aims to make life insurance advice more accessible, with the hope that legislative action will precede the forthcoming federal election.

Cupitt emphasizes the necessity for the government to expedite the legislative process. “Millions of Australians and their families are waiting in line for that affordable advice, and delays to the legislation mean that people are going to be waiting longer and not having access to the advice they need to build their financial safety nets,” she insisted to Professional Planner.

The urgency is amplified by the recent resignation of Minister for Financial Services, Stephen Jones, with no replacement yet announced. This development occurs as Labor signals its dedication to pushing forward advice reforms.

The forthcoming DBFO reform is especially critical in establishing the new advisory class. Cupitt asserts that, “Life insurance stands ready to implement the new class of adviser, but it can’t happen overnight.”

She further explains that developing and authorizing new educational courses for incoming advisers is a step-by-step process that requires time. These courses aim to equip advisers with the necessary training for effective service delivery, and also to set a foundation for their journey towards becoming fully qualified advisers.

Cupitt envisions these preparatory programs as initial steps towards more extensive adviser qualifications. “We want to make sure that the settings are right to encourage people to work for life insurance and provide that more simple advice, but also see that as a pathway for people to go away and get qualified to become a more comprehensive, fully qualified adviser,” she explained.

The summit discussions will additionally address potential improvements to the Life Insurance Framework, although the Council of Australian Life Insurers remains supportive of its current structure. This framework, which regulates commissions at 60 percent upfront and 20 percent ongoing, has drawn backing from Cupitt. She stated, “We have been very clear that we support commissions in relation to life insurance advice, and we support the Life Insurance Framework in its current form.”

If the government initiates consultations regarding changes to the framework, Cupitt assured, “We would participate in that consultation.”

This article references content originally reported by Professional Planner.

Published:Tuesday, 4th Feb 2025
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Insurance News

Clear

CHU Introduces Cyber Coverage in Strata Insurance Policies

22 May 2026: Paige Estritori

In a significant move to address the evolving risks faced by strata communities, CHU Underwriting Agencies has incorporated cyber protection into its residential strata insurance policies. This enhancement provides coverage of up to $50,000 for losses resulting from social engineering fraud, a type of cybercrime where perpetrators impersonate trusted contacts to manipulate payment instructions. - read more

QBE Introduces Comprehensive Add-Ons to Landlord Insurance Policies

22 May 2026: Paige Estritori

QBE Insurance has unveiled significant enhancements to its commercial landlord insurance offerings, introducing a suite of optional add-ons designed to provide more comprehensive protection for property owners. These strategic enhancements aim to equip brokers with additional tools to better serve their clients in a competitive market. - read more

Blue Zebra Partners with New Underwriters for Home and SME Insurance

22 May 2026: Paige Estritori

Blue Zebra, a prominent underwriting agency, has announced a new capacity arrangement for its home building and contents, landlord, and SME package products. The agency has partnered with a co-insurance panel comprising Chubb, AIG, and HDI Global Specialty, marking a significant shift in its underwriting partnerships. - read more

The Rise of Autonomous Machinery in Australian Agriculture

21 May 2026: Paige Estritori

In recent years, Australian agriculture has witnessed a notable shift towards the adoption of autonomous machinery. This trend reflects a broader global movement aimed at enhancing efficiency and productivity in farming operations. However, despite the growing interest, several challenges continue to impede widespread implementation across the sector. - read more

Analyzing the 2026-27 Federal Budget's Impact on Agriculture

21 May 2026: Paige Estritori

The recently announced 2026-27 Federal Budget has introduced several measures with significant implications for the Australian agricultural sector. These initiatives aim to bolster the industry's resilience and address pressing challenges faced by farmers nationwide. - read more

Click for more Insurance News