They include some important changes:

• Extending the caps on hybrid commissions and the clawback provisions to benefits given in relation to dealing in or providing information about life risk products – as noted in our previous release this is a significant extension of the regime which will require a review of all distribution arrangements and affect platform shelf space fees
• Removing the transitional relief for calculating the cap on a stamp duty inclusive basis and for employee arrangements, presumably because of the additional time to comply with the new regime with the commencement date being extended to 1 January 2018
• Extending clawback exceptions including where:
  - the policy ends due to death from any cause (previously only suicide) or any administrative error (previously only a misdescription of the policy owner or life insured)
  - premiums are reduced because of a reduction of any risk relating to the life insured (previously just a reduction in health risk), a benefit has been paid or there has been an administrative error
• Extending grandfathering where a policy is acquired after 1 January 2018 as a result of cancellation of a pre-1 January policy due to administrative error