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What's ridiculous is that they're starting to investigate whether the LIF reforms have worked halfway through the implementation of the reforms!! Surely the impact of the reforms can only be known once Advisers have been operating on the final 66/22 commission model for a period of time. What data are they collecting to use as the basis for this review anyway....lapse data? Lapse figures are an absolute joke, if you retire and cancel your policies, that's a lapse, if you die and the life cover is paid out, that's a lapse, if you cancel and replace a policy with the same insurer, that's a lapse.

The future of our businesses is seriously going to be decided by this type of data analysis. What a joke.

Meanwhile Mortgage Brokers who do some initial work to get a loan set up and then sit on a trail for the life of the loan, without the requirement to provide any ongoing service at all, just carry on without change.

If our industry associations can't win this battle to retain at least the 66/22 commission structure then they should voluntarily wind themselves up and admit they're a waste of space.