If this is anything like report 413 into life insurance which led to the LIF it goes something like this:1. ASIC target only 200 files of known churners.2. FSC members use this as an excuse to rip off advisers with lower commissions.3. Advisers point out that high lapses are only relevant to a tiny number of advisers. Ask ASIC to release their targeting methods under FOI. ASIC refuse.4. LIF is passed.5. ASIC request lapse data from the same FSC members.6. ASIC admit that churn is only relevant to as few as 50 advisers out of 20,000 plus.7. Honest advisers screwed again. FSC members laughing all the way to the bank.8. FSC members start increasing existing customers premiums and try to encourage churn by reducing premiums for new business only for the same products.9. Customers screwed.
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