Well, that report has been out for a couple of weeks. I assume it’s a report that has been the subject of some detailed consideration within your business?I I sorry, – – I’ve been absorbed in the last week with just preparing for today, Ms Orr. So I haven’t been able to talk to other people about it. Well, the two are not mutually exclusive, are they, Mr Martin? You’ve been preparing to come and speak to us about these very topics?I appreciate that, yes. But you’re unable to say anything further about the position that ClearView will take in relation to the sale of accidental death products going forwards?At this stage, I I – don’t know. As I said, our our intention as far as I know, the intention of – – ClearView is not to offer rubbish products to the market. So if that’s what they’re deemed to be, that will be stopped. Perhaps that’s a convenient time, Commissioner. THE COMMISSIONER: 2 pm, Ms Orr? MS ORR: Yes, you, Commissioner. THE COMMISSIONER: Adjourn till 2 pm. ADJOURNED [1.00 pm] RESUMED [2.00 pm] THE COMMISSIONER: Yes, Ms Orr. MS ORR: Mr Martin, in your statement you deal with two sets of concerns that ASIC has raised with ClearView in recent years, both of which relate to the direct sales of life insurance. Concerns, firstly, about whether ClearView was complying with the requirements of the Corporations Act in relation to unsolicited sales, and secondly concerns about whether ClearView was engaging in unfair sales practices?Correct. And ASICs concerns on both of those fronts have led to ClearView developing a customer remediation program?Correct. And that program is not yet complete?No, it’s very close. When will it be complete?Probably by the end of November. Or most certainly by the end of the year.
Well, that report has been out for a couple of weeks. I assume it’s a report that has been the subject of some detailed consideration within your business?I – I – sorry, I’ve been absorbed in the last week with just preparing for today, Ms Orr. So I haven’t been able to talk to other people about it. Well, the two are not mutually exclusive, are they, Mr Martin? You’ve been preparing to come and speak to us about these very topics?I appreciate that, yes. But you’re unable to say anything further about the position that ClearView will take in relation to the sale of accidental death products going forwards?At this stage, I – I don’t know. As I said, our – our intention – as far as I know, the intention of ClearView is not to offer rubbish products to the market. So if that’s what they’re deemed to be, that will be stopped. Perhaps that’s a convenient time, Commissioner. THE COMMISSIONER: 2 pm, Ms Orr? MS ORR: Yes, you, Commissioner. THE COMMISSIONER: Adjourn till 2 pm. ADJOURNED [1.00 pm] RESUMED [2.00 pm] THE COMMISSIONER: Yes, Ms Orr. MS ORR: Mr Martin, in your statement you deal with two sets of concerns that ASIC has raised with ClearView in recent years, both of which relate to the direct sales of life insurance. Concerns, firstly, about whether ClearView was complying with the requirements of the Corporations Act in relation to unsolicited sales, and secondly concerns about whether ClearView was engaging in unfair sales practices?Correct. And ASICs concerns on both of those fronts have led to ClearView developing a customer remediation program?Correct. And that program is not yet complete?No, it’s very close. When will it be complete?Probably by the end of November. Or most certainly by the end of the year.
transcript-10-September-2018.docx