{"id":31447,"date":"2015-10-27T11:10:04","date_gmt":"2015-10-27T01:10:04","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=31447"},"modified":"2015-10-28T06:34:19","modified_gmt":"2015-10-27T20:34:19","slug":"synchron-director-urges-advisers-to-contact-mps","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2015\/10\/27\/synchron-director-urges-advisers-to-contact-mps\/","title":{"rendered":"Synchron Director Urges Advisers to Contact MPs"},"content":{"rendered":"

Financial advisers have been urged to join a letter-writing campaign targeting Liberal Party MPs arguing the Life Insurance Framework provisions will hurt small business and not create any useful consumer benefit.<\/span><\/p>\n

\"Synchron<\/a>
Synchron Director, Don Trapnell<\/figcaption><\/figure>\n

The campaign has been initiated by Synchron Director Don Trapnell<\/strong> who has written to advisers telling them that the changes around \u201c…the commission levels and the 3 year responsibility period proposed by the LIF\u2026are amongst the most potentially devastating our industry has ever faced.\u201d<\/p>\n

\u201cIf we sit and do nothing, then we only have ourselves to blame,\u201d Trapnell stated, providing recipients of his letter with the suggested wording of another letter he urged should be sent to Liberal MPs and Senators in each state.<\/p>\n

\u201cClearly we need to concentrate on Liberal members of parliament for the other side will disregard any pleas we may have for help,\u201d he said in the cover letter.<\/p>\n

The form letter to be sent to MPs and Senators questioned the validity of ASIC’s Report 413 and the process that went into creating recent proposals.<\/p>\n

The letter stated ASIC Report 413 was based on 220 adviser files and the results from ASIC\u2019s review of those files had been accepted without scrutiny while the Financial System Inquiry (FSI) recommendations around life insurance lacked any adviser input.<\/p>\n

If we sit and do nothing, then we only have ourselves to blame<\/h6>\n

\u201cThe FSI terms regarding life insurance were drafted without any adviser input. Banks (the big winners from the announcement) used this to try and force initial adviser commission payments down to 20% and used this report as their bargaining tool,\u201d the letter stated.<\/p>\n

It also stated only the banks and large institutions would benefit from the LIF proposals while consumers would not pay for insurance,<\/p>\n

\u201cWill consumers pay for upfront advice? Did they want to pay the $7 medical co-payment? How do consumers benefit by paying fees and premiums if the total is more than premiums alone?\u201d<\/p>\n

\u201cBanks have set themselves up to gain greater profits \u2013 there is no obligation for them to decrease premiums. In fact, they have indicated that reductions will probably not be possible.\u201d<\/p>\n

The letter closed by querying why the current Liberal Government would proceed to hurt small businesses.<\/p>\n

\u201cIf this Liberal Government is committed to small business \u2013 why has the Government placed a huge competitive disadvantage on small business advisers by requiring them to provide life insurance advice at a loss, and given the banks a huge competitive advantage?<\/p>\n

\u201cSince when has price fixing become a Liberal policy?\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Financial advisers have been urged to join a letter-writing campaign targeting Liberal Party MPs arguing the Life Insurance Framework provisions will hurt small business and not create any useful consumer benefit.<\/p>\n","protected":false},"author":3,"featured_media":31470,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,270],"tags":[4247],"class_list":["post-31447","post","type-post","status-publish","format-standard","has-post-thumbnail","category-dealer-groups","category-remuneration","tag-feature"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/31447","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=31447"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/31447\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/31470"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=31447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=31447"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=31447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}