I don't disagree VGuy..
We were a supplier to Freedom & I can tell you that the RC was merely a trial without defence for sins committed many years ago. The RC was a kneejerk reaction due to ASIC's fundamental failure to effectively manage compliance & self regulation of the General Insurance sector.
The banks & larger Institutions have operated with impunity in the Insurance space....this includes the large super funds! The aim of the game is to minimise payouts...either through clauses or any other means.....
Freedom apparantly sold a junk product....being funeral insurance...i would argue that it catered to a certain demographic that, for, economical reasons would suffer financial hardship by forking out $10k in one lump sum for a funeral....whilst it would cost more over time, they were better off paying ten bucks a week ....it's all relative.
Rowena Orr QC - lives in a world that is vastly different to the average Freedom customer....I doubt they wear a Cartier watch or have an impeccably tailored suit to wear to work..........
Putting all that aside, the witness they dragged out paid for the insurance via credit card....as the father was clear to state in his evidence given at the RC...he has a disability meaning that his decision making capability can be persuaded or influenced....with this apparently being the case...who the hell gave him a credit card??? - surely that is a much more dangerous financial tool than an insurance policy??
Anyhow, whats done is done....Australia is already massively under-insured & will be getting worse as a result of the RC.
The RC has destroyed Freedoms business & damaged many others...it shoud have been focussed on getting the banks & super funds to clean up their acts .....but, as with all things when it comes to banks .....they logbied the right people to ensure the RC didn't do much to damage shareholder value .....it would be an economic disaster for the Gov't...hence the cover up & public show goes on & Banks continue their behaviour without any real punishment.
