Former regulator Peter Kell has started reviewing the life industry’s code of practice and expects to release a consultation paper this month.

Mr Kell was appointed to head the review in July by the Council of Australian Life Insurers. He is chair of the financial services ombudsman’s consumer advisory panel and has previously served as deputy chair of the corporate watchdog and the competition regulator.

“Widespread engagement with stakeholders will be critical to this review,” Mr Kell said in a LinkedIn post.

“This review will look at how the code is working in practice, identify areas for improvement and make sure it keeps pace with new challenges.

“I’m pleased to be leading this important work to make sure the life code delivers real benefits for customers and supports a strong, trusted life insurance industry.”

Consultation submissions will close on December 15 and a final report will be ready next June.

The review is the first since CALI took ownership of the code from the Financial Services Council in 2023.

After its last review, in 2022, the code was revamped, adding more than 50 consumer protection measures including a financial penalty of up to $100,000 for some significant breaches.

CALI CEO Christine Cupitt says the code “must meet community expectations and the needs of consumers, respond to changes in the regulatory environment and reflect good industry practice.

“CALI looks forward to contributing to this independent review and we encourage all of our customers, partners and stakeholders to have their say.”