Sustainable remuneration structures critical to life industry: CBA
Clients and insurers could benefit from the implementation of a life insurance industry code of practice, as recommended by the Trowbridge Review of retail life advice, according to the Commonwealth Bank of Australia (CBA).
CBA Wealth Management group executive, Annabel Spring, welcomed the recommendations of the review, saying it was "critical that the life insurance and financial advice industries work to implement sustainable remuneration structures".
"This is a comprehensive report and a constructive contribution to industry reform," she said.
"We support the intent of the report which is to ensure the accessibility and affordability of quality financial advice and life insurance for all Australians.
"A life insurance industry code of practice which binds insurers, licensees and advisers will both improve outcomes for customers and the efficiency of the industry.
"We believe advisers need a choice of insurers and products in the provision of advice to provide a range of options to meet the best interests of all customers.
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