The company announced in a statement it will add AIA Australia and TAL to the APL for BT Financial Advice by 19 March 2018, bringing the total number of available insurers on the APL to three, alongside Westpac Life.
BT Financial Group general manager advice and private wealth Jane Watts said the selection of TAL and AIA had followed a “rigorous selection process” with input from Deloitte.
“Ensuring clients receive high quality advice and the right protection cover that meets their needs is our priority,” Ms Watts said
“We are confident these products meet the quality standards we expect and our clients demand. We are committed to ensuring we support our advisers in providing advice that is in the best interests of our clients. All of our advisers will receive training on the new products so they can continue to meet their clients’ needs for high quality advice and protection.”
Additionally, Ms Watt said, the company will “regularly monitor” the APL to ensure it meets clients’ best interests.
In November last year, BT Financial Group confirmed Westpac Life was the only insurer included on the APL for the business’ salaried bank channel advisers after the parliamentary joint commission into corporations and financial services raised concerns with ASIC deputy chair Peter Kell that APLs may lead to conflicts of interest for vertically integrated businesses.
wow, westpac have moved from 1 to 3
that is a major achievement
and panorama offers how many insurance options
seriously, how is this even news
should be in crimewatchers
Not much best interest here. “a “rigorous selection process” with input from Deloitte” – what would Deloitte know about selecting an APL panel. More like a sop to the Royal Commission.
Maybe now they will actually be able to get closer to demonstrating best interests duty instead of just recommending the sole expensive in house insurer. 3 is an improvement but 6 would be better.
Wonder if u get credited with the same bonus points for selling outside product??
1 problem solved….99 more problems to fix at Westpac Financial Planning
Jane has a PhD (Organisational Psychology)