Life insurers want the Albanese government to retain or restore commissions to financial advisers but will face steep opposition.
Life insurers are appealing to the Albanese government to retain or restore commissions paid to financial advisers to combat chronic “under-insurance”, but will face steep opposition from consumer advocates and trade union-linked superannuation funds, who want the practice banned.
Four years on, the industry is eager to ensure that exemption is preserved following the change in government. “In relation to LIF, our view is that the conduct that was the driver for introducing this has been eliminated,” the AIA submission stated.AMP submission to the Quality of Advice review Retail life insurance sales have plummeted in recent years, partly due to a reduction in the number of practising financial advisers but also the commission caps. The industry recovered slightly last year, with new premium sales rising 2.2 per cent from 2020, according to researcher Plan for Life.The Advisers Association, which primarily represents advisers aligned to AMP and its subsidiaries, argued for upfront commission caps to be increased from 60 per cent to 80 per cent.
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