Institutions embrace APL disclosure
Several of Australia’s major financial institutions have revealed the number of insurers included on their various APLs after ASIC announced product recommendation was a focus for the regulator.
Speaking before the parliamentary joint commission on corporations and financial services last week, ASIC deputy chair Peter Kell said the regulator is focused on adviser incentives and product recommendations.
Mr Kell’s comments came in response to a question regarding adequacy of BT Financial Group’s APL for bank channel advisers, which BT later confirmed includes Westpac Life as its sole insurer.
Following questions from Risk Adviser, Commonwealth Bank, AMP, ANZ and NAB have all disclosed the number of insurers available through their various APLs.
CBA’s Commonwealth Financial Planning has multiple APLs, with retail bank planners having access to three insurers via their APL, while six insurers are listed on the APL for CFP planners who advise customers with more complex or specialised needs.
CFP planners servicing the bank’s relationship managed customers have access to a total of seven insurers, a spokesperson for the bank told Risk Adviser.
Advisers licensed under Count Financial have seven insurers listed on their APL, the spokesperson said, and Financial Wisdom’s APL includes 10 insurers.
A spokesperson for AMP explained to Risk Adviser that the APLs for Charter and Hillross advisers include eight insurance products each, while AMP Financial Planning’s APL includes six.
NAB informed Risk Adviser that each of its NAB group advice licensees have “at least two non-NAB insurance providers” in addition to MLC Life (of which NAB is a minority shareholder), meaning each licensee’s APL has a minimum of three insurance products included.
The APL for ANZ planners includes four insurers, ANZ told Risk Adviser, however advisers licensed through an ANZ-aligned dealer group have nine insurers listed on their APL.
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