Non-bank dealer groups Fortnum Financial Advisers and Dover Financial Advisers have disclosed the number of insurers on their APLs, contrasting with similar revelations from the major institutions.
Last week, following questions from ifa, BT Financial, AMP, Commonwealth Bank, NAB and ANZ all disclosed the number of insurers their advisers can access through the APLs of their various licensees.
In response, Fortnum Financial Advisers revealed to ifa that of 12 insurers under assessment, only one is presently designated as ‘unapproved’.
“Fortnum’s approach to constructing its risk APL centres around advisers exercising professional judgement inside a professional advice framework,” a Fortnum spokesperson said in a statement.
“A robust process for assessing suitability of life insurance products for inclusion on a broad APL is fundamentally core to achieving this outcome.”
Fortnum told ifa narrow APLs can leave advisers in a position where they’re unable to meet their best interests requirements.
Responding to the recent disclosures published by ifa, Peter Thompson of Dover Financial Advisers also clarified the number of insurers his advisers have available to them on their APL.
"Dover has always had all insurers available including industry group cover, after all, they are all APRA approved," Mr Thompson said. "It’s very easy to implement a wide APL when you are not paid any retainers by anyone."
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Super funds must now have a retirement income strategy in place.
Vanguard has called for a complete overhaul of the advice industry.
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