The major life insurers have been warned by Assistant Treasurer, Josh Frydenberg that they need to assist life advisers make the transition to the new post-Trowbridge remuneration regime.
Addressing the Financial Services Council (FSC) annual conference on the Gold Coast, Frydenberg said he was aware from multiple conversations with advisers of the changes they were having to accommodate and it was incumbent on the insurers to assist in make the change process as easy as possible.
The minister said he was pleased with the response delivered to the Government by the industry and that the Government’s response would be outlined in the context of its response to the Financial System Inquiry (FSI)
Elsewhere in his speech, Frydenberg dismissed industry fund and Labor Party criticism of the Government’s proposed governance changes to superannuation saying that the changes were aimed at all Australian Prudential Regulation Authority (APRA) regulated funds, not just one type of fund.
Further, he claimed the changes had been supported by a broad cross-section of stakeholders.
