November 2, 2017
ANZ Wealth has launched an online hub to provide advisers with details of how it will handle commissions, clawbacks and policy costs under the Life Insurance Framework.
The LIF Hub provides guidelines on how OneCare commissions will be paid after 1 January 2018 when the LIF reforms take effect and will also provide rolling updates on technology and service enhancements released by the insurer.
According to the hub website, OneCare will be including policy fees as part of the overall policy cost from 1 January and will be reducing level commissions from 32% to 30%, inclusive of GST.
The LIF Hub site also stated that in situations where ANZ Wealth is required to clawback commission it will continue its current practice and clawback from the licensee of the last known servicing adviser.
ANZ Wealth Head of Life Insurance, Gerard Kerr said, “We know our advisers have many questions about the changes the LIF reforms will bring and we have made it a priority to provide them with the right tools and information to prepare for the new environment”.
The launch of the hub is part of a suite of adviser support initiatives introduced this year including a wellness program for OneCare customers, adviser training videos and videos explaining insurance to consumers.
Recently, ANZ Wealth stated it would continue to look to sell its insurance business but remained committed to supplying life insurance products to advisers and consumers and will continue to invest in the OneCare business (see: ANZ Wealth to Keep Insurance on the Table).