Industry unity needed on risk commissions, says insurer
One life insurer has called for the life insurance industry to come together in standing up and providing public support of risk commissions.
NEOS Life said it first came out in support of risk commissions immediately following the release of the final report of the Hayne royal commission.
In response to its recommendation of gradually reducing risk commissions to zero, managing director Brett Yardley said it’s important for the industry to demonstrate that the Life Insurance Framework delivers a high-quality financial advice industry that’s good for consumers.
“We now have another two to three years to demonstrate that the LIF changes are sufficient to address the concerns of regulators,” he said.
“One way of doing that is by making sure the amazing stories of care, compassion and support that we hear each day about the services financial advisers provide are given a public voice.”
Mr Yardley said NEOS Life is drawing up its lobbying strategy to engage regulators and government on the importance of ensuring risk commissions remain.
“As a business solely focused on the advised segment of the market, we want to ensure that we’re supporting financial advisers with more than just words. After all, we’re dependent on the ongoing success of this market just as much as they are,” Mr Yardley said.
“We hope to hear further public support for risk commissions from other industry organisations. We also hope to be able to find ways to work together so that we can tackle the issue with a co-ordinated and consistent approach.
“Together, we can help to ensure that our industry’s ability to provide an incredibly valuable social good is not diminished.”
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