{"id":31345,"date":"2015-10-20T20:53:48","date_gmt":"2015-10-20T10:53:48","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=31345"},"modified":"2015-10-21T06:48:37","modified_gmt":"2015-10-20T20:48:37","slug":"latest-poll-is-lif-now-final","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2015\/10\/20\/latest-poll-is-lif-now-final\/","title":{"rendered":"Latest Poll &#8211; Is LIF Now Final?"},"content":{"rendered":"<div id=\"polls-152\" class=\"wp-polls\">\n\t\t<div class=\"pollHeader\"><strong>Do you believe the Life Insurance Framework reforms will be implemented on 1 July 2016 with no further changes?<\/strong><\/div><div id=\"polls-152-ans\" class=\"wp-polls-ans\"><ul class=\"wp-polls-ul\">\n\t\t<li>No <small>(68%)<\/small><div class=\"pollbar\" style=\"width: 68%\" title=\"No (68% | 135 Votes)\"><\/div><\/li>\n\t\t<li>Yes <small>(21%)<\/small><div class=\"pollbar\" style=\"width: 21%\" title=\"Yes (21% | 41 Votes)\"><\/div><\/li>\n\t\t<li>Not sure <small>(11%)<\/small><div class=\"pollbar\" style=\"width: 11%\" title=\"Not sure (11% | 22 Votes)\"><\/div><\/li>\n\t\t<\/ul><div style=\"text-align: center\"><\/div><\/div>\n\t\t<input type=\"hidden\" id=\"poll_152_nonce\" name=\"wp-polls-nonce\" value=\"93a6c24d20\" \/>\n<\/div>\n\n<p>Our latest poll is asking you to predict whether you believe there will be any further changes to the Life Insurance Framework provisions before its now delayed implementation in July next year.<\/p>\n<p><!--more-->This question follows the<a href=\"https:\/\/riskinfo.com.au\/news\/2015\/10\/20\/lif-start-date-pushed-back-to-mid-2016\/\" target=\"_blank\"> announcement of the six-month delay<\/a> to the commencement of the new Framework, made by the Government at the same time as revealing its formal response earlier this week to David Murray&#8217;s Financial System Inquiry recommendations.<\/p>\n<p>At first glance, this delay is creating both certainty and uncertainty: certainty of a confirmed (and more realistic) commencement date, but uncertainty due to the extended period that now exists prior to implementation &#8211; a time during which further consultation and debate may lead to possible changes.<\/p>\n<p>We&#8217;re not talking here about the existing need to fine tune definitions, but rather whether more time will generate momentum for more fundamental changes to the LIF reforms, for which many industry stakeholders are agitating.<\/p>\n<p>We note the momentum that had been building in the lead-up to a series of meetings that recently took place in Canberra between the new Assistant Treasurer, <strong>Kelly O&#8217;Dwyer<\/strong> and various industry representative bodies and independent groups. These discussions appear to have resulted in a &#8216;no change&#8217; outcome in terms of the basics of the LIF reform provisions, most notably clawbacks and the 60\/20 hybrid commission model. If these meetings did not result in any changes, does this mean there is little likelihood of any significant changes between now and 1 July 2016?<\/p>\n<p>In the other corner, we note the statement made this week by AFA CEO, <strong>Brad Fox<\/strong>, who suggests there may yet be room for movement (see: <a href=\"https:\/\/riskinfo.com.au\/news\/2015\/10\/20\/lif-delay-details-yet-to-be-settled\/\" target=\"_blank\">LIF Delay &#8211; Details &#8216;Yet to be Settled<\/a>). However, this movement may possibly be restricted to fine tuning issues.<\/p>\n<p>Meanwhile, last week&#8217;s poll, in which we asked whether you would be &#8216;LIF ready&#8217; by 1 January 2016, has become redundant. In noting its passing, however, we report that one third (33%) of our poll respondents said they weren&#8217;t ready for the LIF reforms and wouldn&#8217;t be by mid-next year, indicating their business may never be ready. But approximately the same proportion of advisers (31%) have said the opposite &#8211; that not only will they be ready by 1 January next year &#8211; they&#8217;re ready now.<\/p>\n<p>While most of our poll respondents didn&#8217;t expressly state their individual views, we developed the impression that advisers have generally positioned themselves into three main groups:<\/p>\n<ol>\n<li>Those whose businesses are not ready to operate under the new Life Insurance Framework and never will be; this being the result of either financial or philosophical reasons, or both<\/li>\n<li>Those who are ready today, displaying a &#8216;bring it on&#8217; attitude to the implications of the LIF reforms on their business<\/li>\n<li>The rest &#8211; those who aren&#8217;t ready today, but will be, along with those who are not sure as yet<\/li>\n<\/ol>\n<p>Moving back to our new poll question, we&#8217;d welcome your thoughts on whether this six-month delay to the implementation of the LIF reforms will lead to fundamental changes to the package, or whether you think the reforms, other than some fine tuning, are already a &#8216;done deal.&#8217; Tell us what you think, while respecting the position and statements of those with whom you may disagree&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Our latest poll is asking you to predict whether you believe there will be any further changes to the Life Insurance Framework provisions before its now delayed implementation in July next year.<\/p>\n","protected":false},"author":3,"featured_media":31409,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,49,270],"tags":[4247],"class_list":["post-31345","post","type-post","status-publish","format-standard","has-post-thumbnail","category-compliance-regulation","category-polls","category-remuneration","tag-feature"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/31345","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=31345"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/31345\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/31409"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=31345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=31345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=31345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}