The head of the AFA voiced his frustration at having to justify current remuneration methods on behalf of insurance advisers when no one is actually complaining about them.
The Minister for Finance said while retaining risk commissions is a “completely reasonable proposition”, we have to find a balance between protection and industry viability.
The Australian Labor Party will add industry consultation into the process it uses to consider legislation following Hayne royal commission recommendations, Labor MP and Shadow Assistant Financial Services Minister Matt Thistlethwaite told Professional Planner’s Risk Advice Summit in Sydney on Tuesday.
After being involved in the Financial Services Reform, FoFA and the Hayne royal commission, Pamela Hanrahan has come to the view that non-holistic policy is undermining advice business models and unwinding the “democratisation” of advice.
The securities regulator has started gathering data and is laying the framework for a review to measure the quality of risk insurance advice in Australia, a senior ASIC executive has outlined.
The Financial Planning Association and the Association of Financial Advisers have come together to form a life insurance taskforce on the back of a discussion initiated by AIA Australia and facilitated by Professional Planner.
Advice leaders should be cognisant of the mental health of their direct reports and actively promote mental health well-being, according to AIA’s Justine Marquet.