The Design and Distribution Obligations and Product Intervention Powers Bill (DDO & PIP) passed the Parliament on Thursday 4 April, part of the response to the Hayne Royal Commission.
Finity’s 2018 Optima report included a feature article on the ‘regulatory turbulence’ impacting General Insurance. We called out the DDO legislation as one of ‘the inevitable’ changes, from a slate of more than a dozen regulatory activities. Read the page on DDO from Optima here.
In coming days we will work through the legislation as passed and put it in the context of the other Royal Commission led changes to clarify what the practical implications will be. Watch this space.