Peter Kell

The Independent Reviewer of the Life Insurance Code of Practice (the Life Code), Peter Kell, has released an Interim Report setting out initial observations, findings and recommendations from the first phase of the review.

The Interim Report marks an important milestone in the independent review of the Life Code and follows extensive consultation with stakeholders, including the life insurance industry, industry bodies, consumer representatives, regulators and government agencies, medical experts, legal practitioners, the Australian Financial Complaints Authority and the Life Code Compliance Committee. In response to the Consultation Paper published in October 2025, the Reviewer received 11 public submissions and three confidential submissions, in some cases incorporating the views of multiple stakeholders.

The Interim Report includes recommendations that address the key areas for consideration in the terms of reference and other issues in the Consultation Paper and submissions, including:

• Industry commitments and communication on mental health cover and support
• Support for customers experiencing vulnerability
• Engaging with First Nations customers
• Claims handling, including timeframes and communication during claims; and
• The enforceability of the Code by oversight bodies and individual consumers.

The Reviewer is also seeking additional feedback on mental health exclusions, including on the recommendations set out in a recent supplementary submission from the Council of Australian Life Insurers. Several targeted questions are included in the Interim Report to guide further feedback in this area.

Mr Kell thanked stakeholders for their constructive engagement in the review process.

“I would like to thank all those who contributed submissions and shared their perspectives. The Life Code plays a vital role in supporting consumers in their dealings with life insurers, and this input has been critical in identifying areas where the Life Code is working well and where it can be strengthened.”

“The Interim Report sets out preliminary findings and provides an important opportunity for further feedback to help shape a modern, effective and consumer-focused Life Code.”

Stakeholders are invited to provide feedback on the Interim Report and its proposed areas for reform by 8 May 2026.

Further consultation will inform the final stage of the review. A Final Report, including recommendations for changes to the Life Code, will be provided to the Council of Australian Life Insurers by 30 June 2026.

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The review, led by highly respected financial sector expert Peter Kell, involves deep engagement with the community, consumer advocates and regulators to ensure the Life Code remains strong, relevant and trusted.

“This independent review is an important part of our industry’s promise and commitment to the people we protect every day,” said the Council of Australian Life Insurers CEO Christine Cupitt.

“It provides a robust, independent process to hear a broad range of views about how we can continue to ensure our industry lives up to the expectations of the community,” she said.

“It is critical that the Life Code reflects the needs of our customers, keeps pace with changing laws and regulations, and is practical and easy to understand.”

The interim report concludes the first phase of the independent Life Code review and sets out initial observations, findings and recommendations, which will guide further consultation in the months ahead on potential improvements to the Life Code.

The next phase of the review will invite further submissions on the interim report’s recommendations and include additional consultation questions.

The consultation period will remain open until 8 May 2026. CALI strongly encourages Australian customers, industry partners and other stakeholders to have their say.

A final report on the independent Life Code review is expected by 30 June 2026.

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Peter Kell

The independent review of the Life Insurance Code of Practice (the Life Code) has released a Consultation Paper, inviting feedback from key stakeholders and the public on how the Life Code is working and where improvements could be made. The review is being led by former ASIC Deputy Chair Peter Kell.

The Life Code sets standards for how life insurers must treat their customers, covering areas including product design and sales through to claims handling and communication. The review will assess whether improvements are required to ensure the Life Code reflects the needs of customers, keeps pace with changing laws and regulations, and is practical and easy to understand.

Mr Kell said the Consultation Paper is an important step in developing recommendations to ensure the Life Code continues to meet evolving community standards and provides consumer benefits.

“The Code plays a vital role in setting clear expectations for how life insurers interact with their customers,” Mr Kell said. “This review is an opportunity to hear directly from customers and organisations who use, rely on, and are affected by the Life Code.”

The Consultation Paper sets out key questions and themes for feedback, including:

• whether the Life Code’s consumer commitments are effective and easy to understand

• whether vulnerable customers are adequately supported;

• how well insurers communicate with customers, especially during claims; and

• how to ensure effective Code compliance and enforceability.

Submissions are invited from all interested organisations and individuals by 15 December 2025. Feedback will inform the development of an Interim Report, which will be released for further consultation in early 2026.

“I welcome feedback from consumers, advocacy organisations, life insurers and other industry participants and other stakeholders.”

The Consultation Paper and details on how to make a submission are available at lifecodereview.org.au/make-a-submission.

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(L to R): Peter Kell, Christine Cupitt

The Council of Australian Life Insurers (CALI) has appointed respected financial sector expert Peter Kell to lead an independent review of the Life Insurance Code of Practice (Life Code). The review will begin on 1 October 2025.

The Life Code sets enforceable standards life insurers agree to uphold when providing services to their customers, covering areas not addressed by the law. It guides everything from product design to claims handling and complaint resolution. This review will ensure the Life Code continues to reflect the needs of Australians, keeps pace with changing laws and regulations, and remains practical and easy to understand.

Peter Kell brings more than two decades of leadership in financial regulation and consumer policy. He has served as Deputy Chair of both the Australian Securities and Investments Commission (ASIC) and the Australian Competition and Consumer Commission (ACCC), where he led major consumer protection reforms and was responsible for financial services, conduct regulation, enforcement, and policy development.

Mr Kell was also CEO of CHOICE, where he championed the rights of consumers, overseeing industry-wide reviews and strengthening accountability across the financial sector. He is currently the Chair of the Financial Counselling Industry Fund.

CALI CEO Christine Cupitt said the review is intended to be thorough, inclusive, and credible.

“Peter Kell is uniquely qualified to lead this review. Peter’s deep expertise in industry codes and self-regulation, together with his clear commitment to improved consumer outcomes in financial services will be invaluable in strengthening the Life Code for the benefit of customers and the life insurance industry alike,” said Ms Cupitt.

“The Life Code is a cornerstone of how the industry commits to treating Australians fairly. This review is an important opportunity to hear from the community, consumer advocates, regulators, and the industry to ensure the Code remains strong, relevant, and trusted.”

Mr Kell said he is looking forward to hearing from a wide range of perspectives throughout the review process.

“Broad feedback will be critical to the success of the review and will help ensure the Life Code evolves to meet emerging challenges,” Mr Kell said.

New website available now

The website for the Life Code review is now live at www.lifecodereview.org.au: the official hub for updates on the review, key dates, and information on how to have your say.

A consultation paper will be released on 17 October 2025, with public submissions open until 15 December 2025. Stakeholder engagement will continue into early 2026, with the final report to be delivered to CALI by 30 June 2026. The report will be made publicly available later that year.

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Deborah Ralston

Dr Deborah Ralston will take on the role of Chair of the Household Capital Advisory Board from May 2021. Dr Ralston is one of Australia’s preeminent thought leaders in financial services, superannuation and retirement funding with exceptional expertise in disruption and financial regulation.

Dr Joshua Funder, CEO of Household Capital announced: “Household Capital is delighted to have Professor Ralston join our team. Dr Ralston has exceptional expertise and experience in the retirement funding sector. More importantly Deborah’s long held values are consistent with the mission of Household Capital to ‘help Australian retirees live well at home’. We share a commitment to creating better lifestyles for Australia’s retirees.”

Household Capital and Dr Ralston are committed to helping retirees access all three pillars of their retirement funding: superannuation, aged pension and home equity.

“Australia has to find new ways to help current baby boomers navigate retirement with confidence. Throughout my career I’ve tried to understand finance through the eyes of consumers, their needs and the regulation of markets that meet them. Australians enjoy good health and long lives, high quality housing, a sustainable pension system and a leading superannuation savings system. I’m excited to join Household Capital in delivering widespread, responsible, long-term access to home equity retirement funding to show how Australia can lead the way in meeting the housing and funding challenges of an aging population.” says Dr Ralston.

“Australian retirees are on paper the wealthiest in the world. Unlocking the funds tied up in the third pillar of their balances, their properties, allows their lifestyles to match their wealth.” Dr Funder added.  “We acknowledge the superb leadership provided by Jack Diamond, the outgoing chair of the Household Capital Advisory Board. Jack has been a serial innovator in retirement and superannuation for decades and a founding thought partner for Household Capital.”

In 2019 Dr  Ralston was appointed by the Treasurer to the Retirement Income Review Panel. The Review is a comprehensive study of the current state of the Australian retirement system and its probable performance in the future as Australians live longer lives. The review considered the incentives for people to self fund their retirement, the fiscal sustainability of the system, the level of support provided to different cohorts and the three pillars of retirement income.

Dr Ralston is a Professorial Fellow at Monash University, a member of the Reserve Bank of Australia Payments System Board and holds a number of non-executive director roles. Dr Ralston joins Peter Kell, Gary Weaven, Alastair Peattie, Bob Officer, and Peter Harris on the advisory board.

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For older Australians who own their home with few other assets, a reverse mortgage can allow them to draw on the wealth locked up in their homes, while they continue to live in their property.

ASIC reviewed data on 17,000 reverse mortgages, 111 consumer loan files, lender policies, procedures, and complaints. We also commissioned in-depth interviews with 30 borrowers and consulted over 30 industry and consumer stakeholders.

The review found borrowers had a poor understanding of the risks and future costs of their loan, and generally failed to consider how their loan could impact their ability to afford their possible future needs. Lenders have a clear role to play here and need to do more: for nearly all of the loan files we reviewed, the borrower’s long term needs or financial objectives were not adequately documented.

Importantly, under legal protections in place since 2012, borrowers can never owe the bank more than the value of their property, and can remain in their home until they pass away or decide to move out. However, depending on when a borrower obtains their loan, how much they borrow, and economic conditions (property prices and interest rates), they may not have enough equity remaining in the home for longer term needs (e.g. aged care).

ASIC Deputy Chair Peter Kell said “Reverse mortgage products can help many Australians achieve a better quality of life in retirement.”

“But our review shows that lenders and brokers need to make inquiries that would lead to a genuine conversation with customers about their possible future needs, not just a set of tick boxes on a form.”

ASIC’s report also finds that there is an opportunity for lenders to reduce the risk of elder abuse. Under the new Code of Banking Practice, recently approved by ASIC, banks will be required to take extra care with customers who may be vulnerable, including those who are experiencing elder abuse.

Consumers also had limited choices for finding a reverse mortgage. Several providers withdrew from the market after the global financial crisis. From 2013 to 2017, two credit licensees provided 80% of the dollar value of new loans from 2013 to 2017.

Background

Reverse mortgages are a credit product that allows older Australians to borrow using the equity in their home. The loan does not need to be repaid until a later time, typically when the borrower has vacated the property or passed away. They are a more expensive form of credit compared to standard variable owner occupier home loans; the interest rates are typically 2% higher and, as there are no repayments required, interest compounds.

Consumer demand for reverse mortgages has grown gradually since the global financial crisis, with the total exposure of ADIs to reverse mortgages increasing from $1.3 billion in March 2008 to $2.5 billion by December 2017.

ASIC commenced a review of lending practices and consumer outcomes in the reverse mortgage market to proactively examine issues that might emerge for older Australians.

As part of this review, we evaluated the effectiveness of enhanced responsible lending obligations for reverse mortgages which were introduced five years ago into the National Consumer Credit Protection Act 2009 (National Credit Act).

This review examined five brands, who collectively lent 99% of the dollar value of approved reverse mortgage loans in 2013-17. These brands were: Bankwest, Commonwealth Bank, Heartland Seniors Finance, Macquarie Bank and Westpac (comprising St George Bank, the Bank of Melbourne and BankSA). As of late 2017, Macquarie Bank and Westpac are no longer providing new reverse mortgages.

This project forms part of ASIC’s broader work for older Australians to help bring about positive changes for these consumers in credit and financial services: see REP 537 Building seniors’ financial capability report 2017 and REP 550 ASIC’s work for older Australians.

ASIC’s MoneySmart website has information for consumers about reverse mortgages. Consumers can also use MoneySmart’s reverse mortgage calculator to see how a reverse mortgage can impact the equity in their home.

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Consumers should be aware these companies often fail to fix credit and debt issues, which can leave people in a worse financial situation.

ASIC Deputy Chair, Peter Kell said consumers may not realise that free services exist to help them fix credit reports or resolve their debt problems, such as the National Debt Helpline.

‘Consumers experiencing money or debt problems don’t need to put themselves under further financial stress by paying high fees to firms providing credit repair and debt solution services’, Mr Kell said.

‘If people are having difficulty obtaining loans because of an incorrect default listing on their credit report, there are actions they can take that are free of charge to have it corrected.

‘If you think you have had a credit default wrongly listed against you, contact the creditor and ask for it to be removed.  If you aren’t satisfied with the response you receive you can contact the relevant dispute resolution service for help’, added Mr Kell.

People experiencing debt problems can seek free help and guidance from financial counsellors and the National Debt Helpline on 1800 007 007 or go to ndh.org.au.

In 2016, an ASIC report[1] found debt management firms:

• were offering services where fees and costs were not well explained;
• often required payments be made before services were provided;
• sometimes used high-pressure sales techniques.

Mr Kell suggested consumers can consider alternative services like financial counselling before engaging a debt solutions firm.

Consumers should be aware that lenders will review their credit report when they apply for credit or a loan and they should check their credit history details are correct.  Consumers are entitled to obtain one freecopy of their credit report each year from a credit reporting agency.

For more information and guidance on credit repair, free financial counselling services, and managing debt, visit ASIC’s MoneySmartwebsite.

Background

ASIC is the lead Australian Government agency for financial literacy, consistent with its strategic priority and statutory objective to promote confident and informed consumers and investors. ASIC’s financial capability program includes:

• leading the National Financial Literacy Strategy;
• providing consumer information via ASIC’s MoneySmart; and
• delivering ASIC’s MoneySmart Teaching program.

The National Financial Literacy Strategy, led and coordinated by ASIC, is a framework to guide policies, program and activities that aim to strengthen Australians’ financial capability.

In addition to ASIC, other agencies involved in the campaign include the Australian Competition & Consumer Commission (ACCC), Consumer Affairs Victoria, NSW Fair Trading and the Queensland Office of Fair Trading.

The Federal Court recently found, in proceedings brought by ASIC, that credit repair business Malouf Group Enterprises Pty Ltd and its director Jordan Francis Malouf breached the Australian Consumer Law by making false and misleading representations and engaging in unconscionable conduct. In addition to penalties imposed by the Court, the Malouf Group will pay $1.1 million to consumers (refer: 18-114MR).

Free financial services available to consumers

Financial Counselling

Financial counselling is a free service offered by community organisations, community legal centres and some government agencies.  Financial counsellors can help consumers solve their money problems.

National Debt Helpline  

The free hotline – 1800 007 007 – is open from 9:30am to 4.30pm, Monday to Friday (opening hours can differ in different states) to help consumers struggling with debt.  Consumers can visit the National Debt Helpline website for information and resources.

The Department of Agriculture runs a Rural Financial Counselling Service to support primary producers, fishermen and small rural businesses that are suffering financial hardship, for further details call 1800 686 175.

ASIC’s MoneySmart website provides a financial counsellor online search tool to locate a financial counsellor near you.

External Dispute Resolution (EDR) services

A credit repair company may offer to contact an External Dispute Resolution (EDR) service to resolve a consumer case.  The company could charge a fee, even though those services are free and are designed to be easy for people to use.  Consumers can save time and money by contacting an Ombudsman directly, rather than going through a credit repair company.

Credit and financial services EDR schemes

Financial Ombudsman Service (FOS) – 1800 367 287

FOS handles complaints about banking, credit, loans and debt collection, life insurance, superannuation, financial planning, insurance broking, stockbroking, investments, managed funds, timeshares, general insurance, finance and mortgage broking.  They do not deal with complaints about compulsory third party, private health, public liability and workers’ compensation insurance.

Credit and Investments Ombudsman (CIO) – 1800 138 422

CIO handles complaints about credit unions, building societies, non-bank lenders, mortgage and finance brokers, financial planners, lenders and debt collectors, credit licensees and credit representatives.

Other dispute resolution services

Energy, water and telecommunication ombudsman services provide free advice and conciliation services for consumers with complaints about providers in those industries.

• Telecommunications Industry Ombudsman Limited (TIO) – 1800 062 058
• Ombudsman Western Australia – (08) 9220 7555 or 1800 117 000
• Energy and Water Ombudsman NSW  (EWON) – 1800 246 545
• Energy and Water Ombudsman Victoria  (EWOV) – 1800 500 509
• Energy and Water Ombudsman Queensland (EWOQ) – 1800 662 837
• Ombudsman for the Northern      Territory – 1800 806 380
• Energy and Water Ombudsman South Australia (EWOSA) – 1800 665 565
• Energy Ombudsman Tasmania – 1800 001 170
• Ombudsman Tasmania (for water) – 1800 001 170
• ACT Civil and Administrative Tribunal (ACAT) – 02 6207 1740

———-

[1] ASIC Report 465, Paying to get out of debt or clear your record: The promise of debt management firms, January 2016

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The new data released today continues to indicate that more than 90 per cent of claims that go to decision are paid in the first instance. The data also shows that different products and distribution channels have different claims and dispute outcomes, with 97 per cent of death claims being paid in the first instance, 84 per cent for total and permanent disability claims and 87 per cent for trauma claims. A summary of the results is provided in Tables 1-3 below.

These results are consistent with previous data released in November 2017 and with the results in ASIC’s Report 498 Life insurance claims: An industry review in 2016.

Today’s release completes round two of the pilot phase and will be followed by a third and final round of data collection.

The two agencies are now moving to establish an ongoing reporting regime (using APRA’s data collection powers) with regular publication of credible, reliable and comparable data at both aggregated industry and insurer-specific levels. The aim is to improve transparency of life insurance claims practices as well as the quality of information underpinning public debate and policy-making. Consequently, this should help to drive accountability in the sector.

In addition to the data being released today, the agencies are responding to submissions on the May 2017 Discussion Paper Towards a transparent public reporting regime for life insurance claims information, and seek input by 5 July 2018 on our proposed approach to industry and insurer-level publications.

APRA Member Geoff Summerhayes said: ‘APRA is fully committed to the development of this important new data reporting regime. The community expects the life insurance industry to be transparent and accountable for its conduct – it is said sunshine is the best disinfectant, and we are shining a light on the industry’s claims performance.’

ASIC Deputy Chair Peter Kell said, ‘ASIC found that the comparability and reliability of data in the life insurance industry was poor. Working together, ASIC and APRA have made significant progress with industry to improve the data. Our data reporting regime is already bringing improved transparency to this area, and our continuing work is benefiting consumers, insurers, and regulators.’

Through the Financial Services Council (FSC), the industry has proposed to engage and fund an independent data expert to collect and analyse claims and disputes data. The expert would assist insurers to provide the necessary data to the agencies, and bolster the industry’s data capabilities and ability to understand and communicate its own performance. The agencies support this approach in principle, and are continuing to engage with the FSC on this proposal to ensure the objectives of the new data regime are met.

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‘Reports to ASIC about investment scams in 2017 show that $4.9 million was lost by investors, with an average loss of $82,973,’ said ASIC Deputy Chair Peter Kell.

In one case reported to ASIC, a complainant lost $1.2 million to criminals operating from overseas.

‘Offshore cold-calling is the most common type of investment scam, where a compelling investment offer is delivered by someone who will then back up the pitch with a slick website, fake research and insistent follow-up calls,’ Mr Kell said.

The Targeting Scams Report shows that 2017 was a busy year for scammers. The ACCC’s Scamwatch website took details of $31.3 million lost to scammers peddling sophisticated investment scams, 33% more than was reported in 2016. The Australian Cybercrime Online Reporting Network reported investment scams that led to $33.2 million in losses.

In these scams Australians are targeted by unlicensed entities in most cases offering investment opportunities or offers of credit.

‘In one case reported to ASIC a retired widow invested $450,000 in overseas listed companies before a relative became aware of the story and alerted ASIC,’ said Mr Kell.

‘In another case a woman lost her life savings after dealing with an offshore investment broker who was introduced by a close friend. The best defence against these scams is simply to hang up,’ said Mr Kell.

ASIC posts details of overseas entities that investors should not deal with on the MoneySmart website, along with a list of fake exchanges and fake regulators that have been created by scammers to legitimise their false claims.

Consumers can easily check a caller’s legitimacy, Mr Kell said, by seeing if they appear on the Companies You Should Not Deal With list.

To check the offer is not a scam the person offering the investment should be able to tell you: the name of the company they represent, their address, who owns the company and whether the company or scheme has an Australian financial services licence or an Australian credit licence (which can be checked on ASIC’s Professional Register).

Last year, 45 new entities were added to ASIC’s Companies You Should Not Deal With list, which attracted 117,000 unique visitors in 2017.

Although offshore-based unlicensed operators are beyond ASIC’s jurisdiction the regulator works with financial institutions in Australia to block transfers to scammers’ overseas accounts.

ASIC’s MoneySmart website has useful guidance for investors on how to avoid investment scams.

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