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Maybe the Life Insurance members of the FSC should have stood up for the advisers during the LIF rather than the vast majority of them remaining silent in the hopes that the proposed changes would deliver a windfall for their bottom line and their shareholders.
If I recall, only ClearView and Zurich were prepared to at least speak out and against the proposed validity of the LIF changes whilst the others who had accepted quality risk business from advisers over many years chose to ignore the repetitive calls for support.
Andrew Bragg was representing the FSC policy at the time and was a very strong supporter of Trowbridge and the reduction to Level commission only or alternatively, a complete commission ban then.
The architects of the mess including ASIC, Trowbridge, FSC , Kelly O'Dwyer and the complicit insurers who looked at a possible opportunity to cut the adviser cost of doing business are the players in what now is a declining business under pressure without the experienced, quality advisers who specialize and understand this business and who have a genuine concern for their clients well being and the relationships of trust that use to exist between the adviser and the insurers they worked with.