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Yeah ok, I agree that tied agents need to be able to sell their product, but why then are financial advisers complelled to adhere to Best Interests Duty and hours of training and costs and compliance to sell the same type of products, just tailored to their individual situation and with choice of products. I just think there needs to be a set of rules/education/training/compliance which apply to all people involved in the sales process for risk insurances.

Best Interests Duty is a must!!!!

Ive seen too many cases where a client has transferred their super and lost their existing insurances and are unable to claim for something they have paid all their lives for. It makes me angry that this can happen and there is nothing anyone can do about it as the client accepted the terms and signed all the declarations. We have to remember that the majority of people are unfamiliar with insurance contracts and dont know they will get exclusions with new auto acceptance policies. Limited advice (with BID) would be a good thing in this case.