Ann: Clarification of market announcement, page-8

Yes, they have certainly been decisive, which is good.

The real issue is the trail book - there must be some risk that ASIC steps in to offer customers a way out, on the basis that directly sold funeral insurance is a “toxic” product. Mainly because it’s such bad value. Hayne certainly seemed to take a particularly dim view of the product. A similar thing happened in the UK with payment protection insurance.

There may also be a class action to recover premiums paid to date.

Unfortunately, it’s always the smaller companies that get screwed in these scenarios. The big boys like AMP and Comminsure can brush it off.