{"id":30973,"date":"2015-09-16T07:25:00","date_gmt":"2015-09-15T21:25:00","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=30973"},"modified":"2015-09-16T07:51:31","modified_gmt":"2015-09-15T21:51:31","slug":"pm-change-prompts-new-calls-to-review-lif-proposals","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2015\/09\/16\/pm-change-prompts-new-calls-to-review-lif-proposals\/","title":{"rendered":"PM Change Prompts New Calls to Review LIF Proposals"},"content":{"rendered":"

Sentry Group Managing Director, Murray Hills<\/strong>, has issued a renewed call to review the proposed Life Insurance Framework, following the appointment of Malcolm Turnbull<\/strong> as Australia’s new Prime Minister.<\/p>\n

While welcoming Mr Turnbull’s appointment, Mr Hills says the new PM can expect to receive many direct approaches from advisers, dealer groups and industry stakeholders requesting that he heeds their requests to review the proposed Life Insurance Framework.<\/p>\n

Mr Hills also confirmed that he supported one of Sentry’s advisers, Roger Smith<\/strong>, as the first of the dealer group\u2019s advisers that would be writing direct to the new Prime Minister to voice his concerns.<\/p>\n

Although he supports the need for reform, Mr Smith has singled out the three-year responsibility period as “…totally unworkable, not commercially viable and … not a recommendation from John Trowbridge who saw no reason for a change away from a one year responsibility period.<\/p>\n

The proposed changes have quite literally rocked the foundations of the advice industry…<\/h6>\n

\u201cThe proposed changes have quite literally rocked the foundations of the advice industry,” continued Mr Smith, calling the three year responsibility period a threat to the commercial viability of adviser SMEs that provide an invaluable service to the community.<\/p>\n

\u201cFurthermore, the proposed reform flies in the face of the \u2018client\u2019s best interest\u2019 as a 200% increase in the responsibility period severely limits the capacity of advisers to make changes necessary for the client as a result of the financial impost that will be forced on the adviser,\u201d he added.<\/p>\n

Mr Hills said that no business in any profession can survive, let alone prosper, with a three year contingent liability over the operation as he says advice practices will be required to do.<\/p>\n

\u201cThe survival and growth of the personalised non-aligned financial advice sector and the concerns voiced by professional practitioners must be a priority for the new Prime Minister and federal government\u201d, concluded Mr Hills.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sentry Group Managing Director, Murray Hills, has issued a renewed call to review the proposed Life Insurance Framework, following the appointment of Malcolm Turnbull as Australia’s new Prime Minister.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,270],"tags":[],"class_list":["post-30973","post","type-post","status-publish","format-standard","category-compliance-regulation","category-remuneration"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/30973","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=30973"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/30973\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=30973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=30973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=30973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}