April 2, 2019
NEOS Life has released a statement this week, in which it calls for the life insurance industry to unite in support of risk commissions.
NEOS Life MD, Brett Yardley notes in the statement, “It’s great to see that others in the industry are now standing up and providing public support of risk commissions.”
He stressed the critical importance of the industry coming together to engage and educate government, regulators, the media and consumers “…on the important role risk commissions play in ensuring Australians of all walks of life have access to quality financial advice and appropriate life insurance products.”
NEOS Life notes it first came out in support of risk commissions immediately following the release of the Royal Commission’s final report (see: Industry Response to Royal Commission…), in which Yardley said NEOS firmly believes that commissions are a reasonable and appropriate option for remunerating advisers for their efforts in assisting clients.
He says the industry now has another two to three years to demonstrate that the Life Insurance Framework remuneration reforms are sufficient to address the concerns of regulators: “One way of doing that is by making sure the amazing stories of care, compassion and support that we hear each day about the services financial advisers provide are given a public voice,” urged Yardley.
He added that NEOS Life will be seeking to actively engage regulators and government on the importance of ensuring risk commissions remain. “As a business solely focused on the advised segment of the market, we want to ensure that we’re supporting financial advisers with more than just words,” said Yardley.