Our latest riskinfo poll asks: Should the AFA and the FPA merge?
The question is simple, but the answer is complex.
Our latest poll suggests four in five advisers do not support any further consolidation in the life insurance sector.
Will fewer life companies operating in Australia translate into less competition and disadvantage customers?
Commissions should be retained for life insurance products, according to the latest riskinfo poll.
But opinion is divided as to whether commissions should also apply for investment and superannuation advice in future.
Should advisers be required to charge a fee for their investment and superannuation advice, but still be able to access commissions on risk products?
After extensive debate, the vast majority of advisers are still saying they want to retain commission remuneration.
Advisers have zeroed in on the commission debate as the key issue stemming from the 11 Recommendations handed down by the Ripoll Inquiry into Financial Products and Services in Australia.
The Ripoll Inquiry recommendations have been enthusiastically welcomed by industry representative bodies this week, but what are individual advisers saying about the future of their industry?
Our simple poll question is:
Do you support the eleven recommendations made by the Ripoll Inquiry?
The majority of advisers want to retain the choice of commission options for replacement insurance business and want the life companies to do more to discourage ‘churning’.
A meeting of senior industry advisers and life company managers has raised the prospect of restricting adviser remuneration on renewal life insurance business to level commission only.