Labor ready to listen on life/risk commissions

21 April 2021
| By Mike |
image
image
expand image

The Federal Opposition has foreshadowed supporting changes to insurance inside superannuation to overcome unintended consequences.

As well, it has indicated a willingness to listen to planner arguments around commissions in the context of the Life Insurance Framework (LIF).

Addressing the Financial Services Council (FSC) Insurance Summit, Opposition Financial Services spokesman, Stephen Jones argued that it was possible to fix problems with respect to insurance inside super without changing the overall policy thrust.

He said that there was a willingness to look at some of the undesirable consequences with a view to making the policy work better.

On life advice commissions he said that while Labor accepted the prima facie argument against commissions it was open to be being persuaded on the merits of the issue.

Read more about:

AUTHOR

 

Recommended for you

 

MARKET INSIGHTS

sub-bg sidebar subscription

Never miss the latest news and developments in wealth management industry

Squeaky'21

My view is that after 2026 there will be quite a bit less than 10,000 'advisers' (investment advisers) and less than 100...

1 week ago
Jason Warlond

Dugald makes a great point that not everyone's definition of green is the same and gives a good example. Funds have bee...

1 week ago
Jasmin Jakupovic

How did they get the AFSL in the first place? Given the green light by ASIC. This is terrible example of ASIC's incompet...

1 week 1 day ago

AustralianSuper and Australian Retirement Trust have posted the financial results for the 2022–23 financial year for their combined 5.3 million members....

9 months 1 week ago

A $34 billion fund has come out on top with a 13.3 per cent return in the last 12 months, beating out mega funds like Australian Retirement Trust and Aware Super. ...

9 months ago

The verdict in the class action case against AMP Financial Planning has been delivered in the Federal Court by Justice Moshinsky....

9 months 2 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND