However, the FSC said that it was particularly pleased to see the Government’s commitment to tackling the vexed issue of legacy products across the financial sector, albeit that it warned the policy settings would need to be carefully calibrated to ensure any solutions would be beneficial for consumers. “We look forward to working closely with the Government to ensure that the product modernisation scheme for life insurance and investment products removes the tax and social security barriers which have prevented millions of Australians from moving from older products to more modern ones,” FSC chief executive Sally Loane said. “Approximately 1.6 million Australians are currently in outdated life insurance products. The ability to move into a modern product without any tax penalties will be a great outcome for consumers.”