{"id":6539,"date":"2010-06-08T21:30:32","date_gmt":"2010-06-08T11:30:32","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=6539"},"modified":"2020-02-06T08:10:36","modified_gmt":"2020-02-05T21:10:36","slug":"final-word-on-conflict-of-interest-strong-adviser-response","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2010\/06\/08\/final-word-on-conflict-of-interest-strong-adviser-response\/","title":{"rendered":"Final Word on Conflict of Interest – Send Your Message to Canberra"},"content":{"rendered":"

\"Vote<\/a><\/p>\n

We have extended our latest poll for one final week due to\u00a0strong interest by financial advisers\u00a0wanting to have their say on this issue.<\/p>\n

To re-cap, our poll question is:<\/p>\n

<\/p>\n

\u00a0Do you believe payment of commissions on risk products represents a conflict of interest to the consumer, real or perceived?<\/em><\/strong><\/p>\n

So far, almost 500 advisers and other industry contributors have cast their vote on this question, where 85% believe no conflict of interest exists in the eyes of consumers\u00a0if advisers are paid commissions for providing risk insurance advice.<\/p>\n

8% of those who have voted believe a conflict of interest may sometimes exist, while 7% are not sure.<\/p>\n

A consistent challenge made by advisers\u00a0via our Comments section to Financial Services Minister, Chris Bowen<\/strong>, is to visit the coal-face of the industry and join them as they\u00a0offer their advice and services\u00a0to clients.<\/p>\n

Mr Bowen has previously\u00a0acknowledged his\u00a0appreciation\u00a0of the\u00a0value that financial services practitioners provide their clients.\u00a0 From\u00a0Mr Bowen’s perspective however, based on his public comments, the main game has more to do with re-building public confidence in the financial advice sector, post Storm, Opes Prime etc…,\u00a0and the GFC.<\/p>\n

While risk commissions played no part in the collapse of financial services firms or the GFC, the word ‘Commission’ itself is the issue concerning the Government.\u00a0 As we have said previously, Mr Bowen appears to be considering the merits of a blanket ban on all commissions, including risk commissions,\u00a0in order to ‘restore confidence’.\u00a0 This is balanced\u00a0against the acknowledged damage\u00a0a ban on risk commissions\u00a0would have on the\u00a0underinsurance dilemma in this country.<\/p>\n

We thank the\u00a0large number of advisers who have\u00a0already taken the time to add their sometimes passionate and (mostly) measured comments regarding this issue, where <\/strong>all responses (for and against),\u00a0will shortly be forwarded to Mr Bowen in Canberra<\/span><\/strong>.<\/p>\n

We encourage you to cast your vote if you have yet to do so, and to join other advisers who have added their comments at such a key time in the Government’s consultation process with the financial services industry…<\/p>\n

\"Vote<\/a><\/p>\n

See our two previous stories:<\/p>\n

Story 1: Adviser Backlash on Banning Risk Commissions<\/a><\/p>\n

Story 2: No Conflict in Risk Commissions<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

We have extended our latest poll for one final week due to\u00a0strong interest by financial advisers\u00a0wanting to have their say on this issue. To re-cap, our poll question is:<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,49,270],"tags":[],"class_list":["post-6539","post","type-post","status-publish","format-standard","category-compliance-regulation","category-polls","category-remuneration"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/6539","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=6539"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/6539\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=6539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=6539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=6539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}