Following BT Financial Group’s revelation this morning, the Commonwealth Bank has clarified the number of insurers included on its licensees’ APLs.
Responding to questions from ifa in the wake of this morning’s confirmation that Westpac Life is the only insurer listed on the APL for BT's bank channel financial advisers, Commonwealth Bank clarified the number of insurers on its licensees’ APLs.
Commonwealth Financial Planning’s retail bank planners have three insurers listed on their APL, while six insurers are listed on the APL for CFP planners who advise customers with more complex or specialised needs. Planners servicing the bank’s relationship managed customers have access to a total of seven insurers.
Advisers licensed under Count Financial have seven insurers listed on their APL, a spokesperson for Commonwealth Bank explained to ifa, and Financial Wisdom’s APL includes 10 insurers.
Last week, the parliamentary joint committee on corporations and financial services challenged ASIC deputy chair Peter Kell over the effectiveness of APLs that included only one insurer, with Mr Kell explaining that while ASIC doesn’t believe there should be a set number of insurers included on the list, there was a consumer expectation they will have access to multiple products.
The move will support the business’ growth in the local market.
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