Need any proof. Ask clients if they have benefited from insurance commissions being reduced. Not one insurer has reduced premiums even though what advisers received has been dramatically reduced, in fact premiums have been increased significantly. The advisers are worse off, the clients are worse off, yet the insurers/banks have all had a win. The argument that clients will be better off if grandfathered commissions are banned is simply untrue. Yet the government, ASIC, and Choice etc will all pat themselves on the back when the commissions are turned off, and behind the scenes the banks will be laughing because they know that again they have pulled the wool over everyone's eyes.
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