Sustainable remuneration structures critical to life industry: CBA
Clients and insurers could benefit from the implementation of a life insurance industry code of practice, as recommended by the Trowbridge Review of retail life advice, according to the Commonwealth Bank of Australia (CBA).
CBA Wealth Management group executive, Annabel Spring, welcomed the recommendations of the review, saying it was "critical that the life insurance and financial advice industries work to implement sustainable remuneration structures".
"This is a comprehensive report and a constructive contribution to industry reform," she said.
"We support the intent of the report which is to ensure the accessibility and affordability of quality financial advice and life insurance for all Australians.
"A life insurance industry code of practice which binds insurers, licensees and advisers will both improve outcomes for customers and the efficiency of the industry.
"We believe advisers need a choice of insurers and products in the provision of advice to provide a range of options to meet the best interests of all customers.
Recommended for you
With HNW investors representing the largest market for alternative assets, Praemium and CoreData research underscores why this presents a compelling opportunity for advisers.
Having completed the successful integration of Diverger, Count has upgraded its forecast for expected synergy benefits achieved by the acquisition by a third.
Australia’s largest licensee has seen the biggest number of adviser losses over the past week, while the expected wave of new entrants has boosted overall adviser numbers.
Iress has increased its forecast adjusted EBITDA by $5 million for the 2023/24 financial year in light of the sale of its platform business to Praemium and hinted at a return to dividend payments.
