{"id":71901,"date":"2024-06-13T12:35:14","date_gmt":"2024-06-13T02:35:14","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=71901"},"modified":"2024-06-19T12:47:52","modified_gmt":"2024-06-19T02:47:52","slug":"cali-reinforces-complementary-risk-advice-agenda","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2024\/06\/13\/cali-reinforces-complementary-risk-advice-agenda\/","title":{"rendered":"CALI Reinforces Complementary Risk Advice Agenda"},"content":{"rendered":"

In continuing to advocate for life insurers to provide simple advice on their own products, CALI has restated that insurers only seek to complement the important and valuable work advisers already undertake “…not get in their way.”<\/p>\n

In a statement to the Senate Economics Legislation Committee hearing on the Delivering Better Financial Outcomes and Other Measures Bill<\/em> CALI<\/a> CEO Christine Cupitt\u00a0<\/strong>said the council wants to see \u201c\u2026legislation introduced that allows life insurers to provide simple advice on their own products, when customers ask them to.”<\/p>\n

She said this should only happen with appropriate limitations and strong consumer protections.<\/p>\n

\"\"<\/a>
Christine Cupitt …financial advisers do an incredible job helping Australians with personalised and holistic financial plans<\/figcaption><\/figure>\n

As Riskinfo reported earlier this month CALI had confirmed its position on the minimum educational qualification required for employed life company staff who will be providing limited financial advice (see: CALI Confirms Minimum Qualification<\/a>).<\/p>\n

At the senate committee hearing Cupitt said for people whose needs are more complicated \u201c\u2026life insurers will continue to put them in contact with financial planners who can give them broader advice that compares products across the market.”<\/p>\n

But, she said “….for more simple matters that relate to one life insurer\u2019s products alone and where people can\u2019t afford or don\u2019t want a holistic plan, we want to give Australians extra choice at no cost to them.\u201d<\/p>\n

…this will be very different to the role of financial advisers…<\/p><\/blockquote>\n

She said this will be very different to the role of financial advisers. \u201cWe only want to complement the important and valuable work they do, not get in their way.\u201d<\/p>\n

Cupitt noted earlier in her address to the committee that there is an \u201c\u2026advice accessibility crisis in Australia.\u201d<\/p>\n

\u201cThe Delivering Better Financial Outcomes and Other Measures Bill<\/em> will help expand Australians\u2019 access to advice and back-in the vital work of financial advisers across the country.\u201d<\/p>\n

She added that getting professional advice on life insurance can cost more than $3,000 and that independent research commissioned by CALI found that seven in 10 Australians are concerned about the impact of cost of living when it comes to taking out, or continuing to pay, for life insurance.<\/p>\n

In the past three months alone more than a quarter of Australians have considered getting financial advice on life insurance but haven\u2019t acted on it, and just 8% had received advice in the same time frame.<\/p>\n

Cupitt said financial advisers \u201c\u2026do an incredible job helping Australians with personalised and holistic financial plans. But there aren\u2019t enough of them, with just 1,000 nationally who regularly help people navigate life insurance products.”<\/p>\n","protected":false},"excerpt":{"rendered":"

In continuing to advocate for life insurers to provide simple advice on their own products, CALI has restated that insurers only seek to complement the important and valuable work advisers already undertake “…not get in their way.” In a statement to the Senate Economics Legislation Committee hearing on the Delivering Better Financial Outcomes and Other […]<\/p>\n","protected":false},"author":24,"featured_media":71906,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[282,8,8282],"tags":[],"class_list":["post-71901","post","type-post","status-publish","format-standard","has-post-thumbnail","category-associations","category-compliance-regulation","category-government"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/71901","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=71901"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/71901\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/71906"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=71901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=71901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=71901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}