The Life Insurance and Advice Working Group’s interim report in response to ASIC’s risk advice concerns shows a “lack of imagination”, consumer bodies have argued.
“Charging a fee for service is a much more transparent and ethical remuneration model. It would mean consumers will know how much they’re paying, and will allow them to shop around for the broker with the lowest fees,” he added.The consumer groups gave argued that the life industry should develop a code of practice and a “standard cover option to help simplify policies” as well as improve disclosure and “end stepped premiums”.The submission comes as a majority of advisers have indicated they believe commissions are an important tool in combating Australia’s underinsurance problem.
The move will support the business’ growth in the local market.
FPA has committed to working collaboratively with “all those successful at this election” to shape outcomes in the best interests of the advice pr...
The organisation has called for action from the new government.
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