A Life Risk commission cap recommended at zero.It is now completely apparent that Hayne and the Govt understands nothing at all about Life Risk Insurance.The agenda was already at zero at the commencement of the Royal Commission.A reduction to a commission base of zero will destroy the industry in it's entirety and leave hundreds of thousands of Australian's inadequately protected and financially vulnerable to unforseen circumstances.This is an error in judgment of immense proportion and identifies a distinct lack of understanding.This recommendation to reduce Life Risk commissions to zero in the name of protecting the consumer will now result in significant cost increases in seeking advice with no reduction in premium cost.The cost of obtaining quality risk insurance advice has just increased significantly and the consumer will be significantly worse off.
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