The Commonwealth Bank of Australia welcomes the announcement today by the Minister for Small Business and Assistant Treasurer, the Hon Kelly O’Dwyer MP on reforms to the life insurance advice sector.

Annabel Spring, Group Executive Wealth Management said: "These improvements to the implementation of the reforms are the outcome of consultation with many stakeholders across the industry.

“Importantly, the announcement provides greater detail on the timing and processes for putting these measures into effect.

“We believe the overall package of reforms will transform the provision of life insurance advice and deliver long-term benefits for customers.

“We are committed to making quality financial advice more accessible and affordable for more Australians.”

The Commonwealth Bank made statements on the retail life insurance industry reforms on 27 March 2015  and25 June 2015.