{"id":63401,"date":"2022-11-08T07:03:28","date_gmt":"2022-11-07T21:03:28","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=63401"},"modified":"2022-11-09T01:22:42","modified_gmt":"2022-11-08T15:22:42","slug":"mlc-life-welcomes-qoa-review-proposals-on-commissions","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2022\/11\/08\/mlc-life-welcomes-qoa-review-proposals-on-commissions\/","title":{"rendered":"MLC Life Welcomes QoA Review Proposals on Commissions"},"content":{"rendered":"<p>MLC Life Insurance has welcomed the \u201cconsidered proposals\u201d in the latest Quality of Advice Review paper, to support consumer choice and access to life insurance by maintaining LIF commission levels (see: <a href=\"https:\/\/riskinfo.com.au\/news\/2022\/11\/01\/retain-risk-commissions-qoa-review\/\" target=\"_blank\" rel=\"noopener\">Retain Risk Commissions<\/a>).<\/p>\n<p>The insurer\u2019s Chief Retail Insurance Officer <strong>Michael Rogers<\/strong> says consumers should have choice as to how they pay for financial advice.<\/p>\n<figure id=\"attachment_53844\" aria-describedby=\"caption-attachment-53844\" style=\"width: 151px\" class=\"wp-caption alignright\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2021\/01\/Michael-Rogers-scaled-e1667611981875.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-53844\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2021\/01\/Michael-Rogers-scaled-e1667611981875-250x300.jpg\" alt=\"\" width=\"151\" height=\"181\" srcset=\"https:\/\/riskinfo.com.au\/news\/files\/2021\/01\/Michael-Rogers-scaled-e1667611981875-250x300.jpg 250w, https:\/\/riskinfo.com.au\/news\/files\/2021\/01\/Michael-Rogers-scaled-e1667611981875-852x1024.jpg 852w, https:\/\/riskinfo.com.au\/news\/files\/2021\/01\/Michael-Rogers-scaled-e1667611981875-768x923.jpg 768w, https:\/\/riskinfo.com.au\/news\/files\/2021\/01\/Michael-Rogers-scaled-e1667611981875-696x837.jpg 696w, https:\/\/riskinfo.com.au\/news\/files\/2021\/01\/Michael-Rogers-scaled-e1667611981875-349x420.jpg 349w, https:\/\/riskinfo.com.au\/news\/files\/2021\/01\/Michael-Rogers-scaled-e1667611981875.jpg 1064w\" sizes=\"auto, (max-width: 151px) 100vw, 151px\" \/><\/a><figcaption id=\"caption-attachment-53844\" class=\"wp-caption-text\">Michael Rogers.<\/figcaption><\/figure>\n<p>\u201cA 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.\u201d<\/p>\n<p>He adds that critically, this must be seen in the context of the enhanced protections proposed by <strong>Michelle Levy<\/strong>, \u201c&#8230;including commission disclosure and requiring financial advice, based on the personal circumstances of the individual, being \u2018Good Advice\u2019. These changes as a whole will deliver for all Australians.\u201d<\/p>\n<p>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.<\/p>\n<blockquote><p>the industry has been haemorrhaging advisers for some time now&#8230;<\/p><\/blockquote>\n<p>\u201cThe industry has been haemorrhaging advisers for some time now, significantly reducing the advice capacity available to serve Australians.\u201d<\/p>\n<p>Rogers adds that by maintaining commissions at their current level, while making changes to reduce the cost of advice, \u201c\u2026we can ensure that more Australians can access good advice.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MLC Life Insurance has welcomed the \u201cconsidered proposals\u201d 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\u2019s Chief Retail Insurance Officer Michael Rogers says consumers should have choice as to how they pay for financial advice. [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":63404,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,8],"tags":[],"class_list":["post-63401","post","type-post","status-publish","format-standard","has-post-thumbnail","category-company-news","category-compliance-regulation"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/63401","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\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=63401"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/63401\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/63404"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=63401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=63401"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=63401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}