Following ASIC deputy chair Peter Kell’s comments to the parliamentary joint commission on corporations and financial services regarding ASIC’s focus on product recommendations, the two banks have provided ifa with the number of insurers available through their various licensee approved product lists.
Responding to ifa’s questions, ANZ explained that its advisers have four insurers included on their APL, while advisers licensed under their aligned dealer groups have access to nine.
“Advisers are encouraged to provide an insurance product from the list that is in the customer’s best interests,” ANZ’s spokesperson told ifa.
“We have an exception process so advisers can select insurance from providers not on this list if that is the best outcome for the customer.”
NAB told ifa that their licensees have “at least two non-NAB insurance providers” included in their APLs in addition to MLC Life, of which the bank is a minority shareholder.
This, the NAB spokesperson said, means each licensee has a minimum of three insurance providers on their APL.
“Advisers also have the option to use alternative products that are not on the APL with approval from their licensee,” NAB’s spokesperson said.
The Commonwealth Bank and AMP also disclosed the number of insurers on their APLs to ifa, following BT Financial Group’s revelation that their bank channel adviser APL only includes Westpac Life.
Next – Disclosure How many Super and pension platforms are on each APL ?? ( Beware the stampede …………. I can hear a pin drop , not)
A good start ,now how many are charging a shelf space fee?This will be disguised as a “marketing Allowance”..but we all know its a bribe…Careful banks ,everyone is watching to see how transparent you really are.
Should ask the FPA the same question ?
Thats called sponsorship, not to be confused with a marketing allowance but every bit compromising.FPA running on silent mode on this one, perhaps no one will notice.?
There’s sponsorship of a an event such as the FPA annual conference (no issue) but then the FPA receives payments via the professional partner program to have a say in the direction of the future of financial advice….that is a bribe,hush money.. call it what you want.