MLC Life Insurance has welcomed the “considered proposals” in the latest Quality of Advice Review paper, to support consumer choice and access to life insurance by maintaining LIF commission levels (see: Retain Risk Commissions).
The insurer’s Chief Retail Insurance Officer Michael Rogers says consumers should have choice as to how they pay for financial advice.
“A sustainable advice sector supports everyday Australians having access to much-needed financial advice during key life moments. Otherwise, financial advice risks becoming the domain of the few who can afford it.”
He adds that critically, this must be seen in the context of the enhanced protections proposed by Michelle Levy, “…including commission disclosure and requiring financial advice, based on the personal circumstances of the individual, being ‘Good Advice’. These changes as a whole will deliver for all Australians.”
Rogers says that many years of changing laws and compliance requirements has resulted in financial advice becoming unnecessarily complex and, as a result, expensive for consumers and practitioners.
the industry has been haemorrhaging advisers for some time now…
“The industry has been haemorrhaging advisers for some time now, significantly reducing the advice capacity available to serve Australians.”
Rogers adds that by maintaining commissions at their current level, while making changes to reduce the cost of advice, “…we can ensure that more Australians can access good advice.”
Maintaining Commissions at the same level and reducing cost, what a joke, when are these people going to wake up, we told them back in 2015 that this will be the end of the Life Insurance sales and now they want us to get an FDS each year so we can do the work that insurance companies used to do, insurance sales will never return to what they were unless our so called partners actually support the advisers that are left and tell the government they got it WRONG, and move it back to a “FREE MARKET”, and pay the advisers what they are worth whilst reducing the red tape and only allowing LICENCED FINANCAL ADVISERS to provide and market insurance products.
Free market? Sounds more like wealth redistribution. Oh the irony..
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