{"id":7954,"date":"2010-10-05T23:52:25","date_gmt":"2010-10-05T13:52:25","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=7954"},"modified":"2020-02-06T08:12:24","modified_gmt":"2020-02-05T21:12:24","slug":"the-future-for-risk-commissions","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2010\/10\/05\/the-future-for-risk-commissions\/","title":{"rendered":"The Future For Risk Commissions"},"content":{"rendered":"<p style=\"text-align: center\"><div id=\"polls-40\" class=\"wp-polls\">\n\t\t<div class=\"pollHeader\"><strong>If risk commissions are banned, what will you do?<\/strong><\/div><div id=\"polls-40-ans\" class=\"wp-polls-ans\"><ul class=\"wp-polls-ul\">\n\t\t<li>Leave the industry <small>(50%)<\/small><div class=\"pollbar\" style=\"width: 50%\" title=\"Leave the industry (50% | 310 Votes)\"><\/div><\/li>\n\t\t<li>Charge fee for service for risk advice <small>(20%)<\/small><div class=\"pollbar\" style=\"width: 20%\" title=\"Charge fee for service for risk advice (20% | 121 Votes)\"><\/div><\/li>\n\t\t<li>Stop advising on risk and deliver investment and super advice only <small>(17%)<\/small><div class=\"pollbar\" style=\"width: 17%\" title=\"Stop advising on risk and deliver investment and super advice only (17% | 103 Votes)\"><\/div><\/li>\n\t\t<li>Not sure <small>(12%)<\/small><div class=\"pollbar\" style=\"width: 12%\" title=\"Not sure (12% | 74 Votes)\"><\/div><\/li>\n\t\t<li>It won't have any impact on my business <small>(1%)<\/small><div class=\"pollbar\" style=\"width: 1%\" title=\"It won't have any impact on my business (1% | 6 Votes)\"><\/div><\/li>\n\t\t<\/ul><div style=\"text-align: center\"><\/div><\/div>\n\t\t<input type=\"hidden\" id=\"poll_40_nonce\" name=\"wp-polls-nonce\" value=\"c6cc1b4b9d\" \/>\n<\/div>\n<a href=\"https:\/\/riskinfo.com.au\/polls\/the-future-for-risk-commissions\" target=\"_self\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1228 aligncenter\" style=\"border: 0px\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2009\/05\/vote-now.jpg\" alt=\"Vote Now!\" width=\"108\" height=\"47\" \/><\/a><\/p>\n<p>Speculation about the future for risk commissions continues.\u00a0\u00a0Within an environment where the majority of advisers believe the returned Labor Government signals a probable downturn in the future value of their practice, our latest poll is asking a simple question:<\/p>\n<p><!--more--><\/p>\n<p><strong><em>If risk commissions are banned, what will you do?<\/em><\/strong><\/p>\n<p>The results from our most recent poll clearly indicated a pessimistic mood amongst most advisers\u00a0because the Labor Government has been returned.<\/p>\n<p>We now invite you to tell us\u00a0what will be your considered\u00a0course of action if the proposed Future of Financial Advice (FoFA) reform proposals extend to banning risk commissions.<\/p>\n<p>The market has been informed that the Treasury&#8217;s FoFA consultation process will consider the question of risk commissions in the first half of 2011, pending the public release of draft legislation and\/or regulation in mid-2011.<\/p>\n<h6>There are arguments from different quarters &#8230; [for] a blanket ban on all commissions in order to totally remove any conflict of interest&#8230;<\/h6>\n<p>There are arguments from different quarters of the financial services sector that the Treasury recommendations should include a blanket ban on all commissions in order to totally remove any conflict of interest in adviser remuneration, either real or perceived.<\/p>\n<p>At the same time, there are equally strong voices arguing that the proposed commission ban should not extend to risk products and advice, and that it would be a disaster for the underinsurance crisis if this was to occur.<\/p>\n<p>There is\u00a0no public indication from Treasury\u00a0as to\u00a0whether\u00a0risk commissions are more likely to\u00a0stay or to go, but we would like to know what you are thinking today.\u00a0 Are you concerned about the future viability of your practice if risk commissions are banned, or will the banning of risk commissions have little to no bearing on your advice processes or the value of your business?<\/p>\n<p>Many industry participants have told riskinfo they believe a ban on risk commissions will see an exodus from the advice sector of a large number of specialist risk advisers who cannot or will not embrace a transition to charging fees for risk advice.\u00a0 Does this apply to you?<\/p>\n<p>For the vast numbers of advisers who write combinations of risk and investment business, will you continue to advise in all areas or will you hand over risk advice to someone else and focus on investment and superannuation advice?<\/p>\n<p>Tell us what you think.\u00a0 Add your vote and make your comments, which we will send to the Treasury as part of its FoFA reforms\u00a0consultation process &#8230;<\/p>\n<p style=\"text-align: center\"><a href=\"https:\/\/riskinfo.com.au\/polls\/the-future-for-risk-commissions\" target=\"_self\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1228 aligncenter\" style=\"border: 0px\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2009\/05\/vote-now.jpg\" alt=\"Vote Now!\" width=\"108\" height=\"47\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Speculation about the future for risk commissions continues.\u00a0\u00a0Within an environment where the majority of advisers believe the returned Labor Government signals a probable downturn in the future value of their practice, our latest poll is asking a simple question:<\/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-7954","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\/7954","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=7954"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/7954\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=7954"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=7954"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=7954"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}