{"id":37704,"date":"2017-07-18T12:43:11","date_gmt":"2017-07-18T02:43:11","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=37704"},"modified":"2017-07-19T07:12:37","modified_gmt":"2017-07-18T21:12:37","slug":"advisers-support-notifying-asic-on-churners","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2017\/07\/18\/advisers-support-notifying-asic-on-churners\/","title":{"rendered":"Advisers Support Notifying ASIC on Churners"},"content":{"rendered":"<div id=\"polls-184\" class=\"wp-polls\">\n\t\t<div class=\"pollHeader\"><strong>Should insurers be required to report churning activity to ASIC?<\/strong><\/div><div id=\"polls-184-ans\" class=\"wp-polls-ans\"><ul class=\"wp-polls-ul\">\n\t\t<li>Yes <small>(72%)<\/small><div class=\"pollbar\" style=\"width: 72%\" title=\"Yes (72% | 152 Votes)\"><\/div><\/li>\n\t\t<li>No <small>(19%)<\/small><div class=\"pollbar\" style=\"width: 19%\" title=\"No (19% | 40 Votes)\"><\/div><\/li>\n\t\t<li>Not sure <small>(9%)<\/small><div class=\"pollbar\" style=\"width: 9%\" title=\"Not sure (9% | 18 Votes)\"><\/div><\/li>\n\t\t<\/ul><div style=\"text-align: center\"><\/div><\/div>\n\t\t<input type=\"hidden\" id=\"poll_184_nonce\" name=\"wp-polls-nonce\" value=\"1e6b109615\" \/>\n<\/div>\n\n<p>Advisers clearly support the prospect that insurers should be required to notify ASIC of known churning activity.<\/p>\n<p><!--more-->This is the strong message stemming from our latest poll, where almost three quarters of those taking partl (72%) agree that product manufacturers should report churning activity to ASIC. One in five advisers (19%) don&#8217;t think this is a good idea, while 9% are undecided (see: <a href=\"https:\/\/riskinfo.com.au\/news\/2017\/07\/11\/latest-poll-should-insurers-notify-asic-on-churning\/\" target=\"_blank\">Should Insurers Notify ASIC on Churning?<\/a>).<\/p>\n<p>This result should come as no surprise to Riskinfo readers as it serves to reinforce the consistent sentiment indicated by advisers in previous polls where they have always supported the sanctioning of known churners as a key action designed to address and resolve the issue. For example, this is the result from a poll we ran in 2012:<\/p>\n<p><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2017\/07\/Riskinfo-Poll-78-Chart-August-2012.png\" rel=\"attachment wp-att-37710\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-37710 size-large\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2017\/07\/Riskinfo-Poll-78-Chart-August-2012-1024x669.png?_t=1500344474\" alt=\"Riskinfo Poll 78 Chart August 2012\" width=\"1024\" height=\"669\" srcset=\"https:\/\/riskinfo.com.au\/news\/files\/2017\/07\/Riskinfo-Poll-78-Chart-August-2012-1024x669.png 1024w, https:\/\/riskinfo.com.au\/news\/files\/2017\/07\/Riskinfo-Poll-78-Chart-August-2012-300x196.png 300w, https:\/\/riskinfo.com.au\/news\/files\/2017\/07\/Riskinfo-Poll-78-Chart-August-2012-768x502.png 768w, https:\/\/riskinfo.com.au\/news\/files\/2017\/07\/Riskinfo-Poll-78-Chart-August-2012.png 1326w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a>The vast majority of advisers have always supported the identification and sanctioning of known churners and both these poll results reinforce that sentiment.<\/p>\n<p>So, where to from here? Do those who support the contention that insurers should notify ASIC about known churners think that it&#8217;s time for ASIC to hold a serious conversation with the Financial Services Council about putting this into action? Or, because of the implementation of the Life Insurance Framework remuneration reforms, does such an initiative become a moot action if the new, restricted upfront commission regime has its intended impact (amongst others) of severly curtailing churning activity?<\/p>\n<p>At this stage, one can only speculate about the extent to which the LIF remuneration reforms will curb churning &#8230;and any post LIF data on churning levels may prove to be problematic at best because the current extent of this practise doesn&#8217;t appear ever to have been established with any meaningful level of consensus.<\/p>\n<p>Our poll remains open for another week as we encourage you to have your say&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Advisers clearly support the prospect that insurers should be required to notify ASIC of known churning activity.<\/p>\n","protected":false},"author":3,"featured_media":37752,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,49,270],"tags":[4247],"class_list":["post-37704","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\/37704","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=37704"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/37704\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/37752"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=37704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=37704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=37704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}