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 * Associations
 * Compliance & Regulation
 * Remuneration
 * Story of the Week


ALP UPDATES POSITION ON RISK COMMISSIONS

April 26, 2022
3


THE FUTURE OF RISK COMMISSIONS WAS HIGHLIGHTED THIS WEEK FOLLOWING COMMENTS MADE
BY THE SHADOW MINISTER FOR FINANCIAL SERVICES. INTERESTINGLY, THE SHADOW
MINISTER’S COMMENTS AROUND THE FUTURE OF RISK COMMISSIONS WERE NOT INCLUDED IN
HIS PREPARED NOTES THAT WERE DISTRIBUTED TO MEDIA AHEAD OF HIS SPEECH…

Shadow financial services minister, Stephen Jones, has confirmed Labor’s
approach towards retaining risk commissions has changed as a result of deep
engagement with the financial services sector.



The shadow minister took the opportunity at a Financial Services Council event
in Sydney this week to emphasise that a Labor Government would be committed to
working with the FSC and other industry stakeholders when issues emerge in the
sector. He said that, just as there had been better results and better
legislation outcomes over the last four years by Labor deeply engaging with the
industry – by consulting and by listening – if the ALP forms Government it will
get better results as legislators by doing exactly the same.

To illustrate his point, Jones referenced his own ‘journey’ in terms of his
stance on retaining life insurance commissions.

> I concede actually that there are more sides to this story than I originally
> thought…

He told his audience of his experience over the last four years when addressing
a problem (conflicted remuneration) from a point of view of principle or theory
“…and by deep engagement with the sector, I concede actually that there are more
sides to this story than I originally thought.”

Jones said he spoke at a similar event about three years ago in the immediate
aftermath of the Financial Services Royal Commission: “We spoke about the issue
of commissions in the sale of financial products – particularly life insurance
products. I was starting from a position that was espoused by [Kenneth] Hayne
and I can honestly say that after a deep engagement within the industry I see
that it’s not as simple as that.”

Jones signalled his softened approach towards risk commissions in September last
year at the AFA 2021 Evolve Conference, at which he noted that following a
number of “…good, good discussions with risk advisers over the last 12 to 18
months”, those conversations had challenged some of his initial views in this
area. He also reflected at the time on the importance of balancing the need for
consumer protection with the need to retain a financially-viable financial
advice industry (see: ALP Softens Position on Future of Risk Commissions).

This week’s comments made by the Shadow minister follow statements made last
week by FSC CEO, Blake Briggs, in which he re-affirmed the FSC would advocating
to retain life insurance commissions as one element in its agenda to drive down
the cost of financial advice (see: FSC Reinforces Support for Risk Commissions).

Shadow Financial Services Minister, Stephen Jones, sharing a Q&A with FSC chief,
Blake Briggs in Sydney this week …deep engagement with industry stakeholders has
helped to change Jones’ approach towards the question of retaining risk
commissions



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3 COMMENTS

 1. Jeremy Wright April 27, 2022 At 3:44 pm
    
    The three most powerful words in the English language when getting into a
    debate or argument about a certain stance or philosophy an opponent is
    taking and one where you can quickly cut through the hubris are; What, Why
    and How.
    
    What is the problem? Why is it a problem? How did you determine it to be a
    problem?
    
    Stephen, to his credit, has listened and has taken on board valid arguments
    that have proven commission is the only viable way forward if the current
    under-insurance and policy premium increases epidemic, has a chance to be
    resolved.
    
    If commission goes, so does the Advised Life Insurance sector and this is
    not theory, it is fact.
    
    There are other urgent issues that must also be addressed to enable the
    Industry to recover and grow, which are to reduce the time, cost and risk to
    provide advice and ongoing service, something that we are working towards.
    
    
    
 2. Squeaky'21 April 27, 2022 At 5:30 pm
    
    Hands up if you believe this LABOR politician as you watch his mouth move.
    Does the concept of saying anything to get re-elected ring any bells with
    you? If he championed commissions for the industry, post election win, he’d
    be eviscerated by the labor unions and ‘bought-an-paid-for industry super
    fund elite. Fact. The simple fact he not clearly stated he will retain
    commissions is a significant red flag. He’s speaking around it with
    superlatives, saying he is in favour of being “deeply engaged” and other
    such corporate dribble speak. He says NOTHING he can’t credibly back out of
    after election day. he’s a politician after all! Read it again, you’ll see.
    
    He makes absolutely NO commitment to keep commissions, instead committing to
    stay ‘involved’ and emphasizing such platitudes as “importance of balancing
    the need for consumer protection with the need to retain a
    financially-viable financial advice industry”. No commitment whatsoever,
    only politically driven expedient vote-garnering dribble speak.
    
    
    * Iguana Don April 29, 2022 At 5:39 pm
      
      You know the PM was called a liar by the French President in one of the
      largest global political slap downs in modern history, right? Macron is
      also a Conservative so it wasn’t about the colour of his tie.
      
      Your point about reelection applies to both parties. But if you didn’t
      learn from the first time you put your hand on the stovetop, you’re not
      going to learn from the second time, are you?.So please tell me – how
      exactly have commissions and the industry faired under the Liberal
      government?
      
      
      
    



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