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Insurance Business | 25 Mar 2014, 08:35 AM Agree 0
Changes to the Future of Financial Advice reforms have been delayed after the Australian parliament sent it to a committee for further consideration.
  • Paul | 25 Mar 2014, 10:07 AM Agree 0
    The Insurance Industry has scored an own goal with the pushback on FoFA. The most objectionable provisions are the scaled advice nonsense. This allows direct sellers to flog their products to an unsuspecting public pretending to have clients best interest at heart. I understand ASIC are reviewing the 200 total loss claims from the Springwood bushfires. Lets see whether the direct sellers or Insurance Brokers came up with the best client offerings. I know my client got paid in full in 4 weeks and is rebuilding to latest building code.Anecdoatal evidence the incidents of happy Insurer clients are very thin on the ground. The upcoming Son of Wallis inquiry needs to review whether Insurers should be allowed to flog General Insurance products without advice. I would like to see that.
  • Mark | 25 Mar 2014, 10:40 AM Agree 0
    Why does General Insurance get dragged into issues created by the Life industry? We are selling different products. General insurance does not churn business like the Life Industry and Mortgage Brokers.
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