It is ridiculous to believe anything else other than the vested interests who have had an unhealthy obsession and a manipulated agenda over the last decade in respect to Life Insurance advice.It is beyond reasonable comprehension that any individual, Govt, industry or regulatory body could relentlessly commit so much capital to a cause of pursuing the agenda to rid the Life Insurance space of any commission remuneration basis whatsoever. The interesting observation over such a long time is the completely false reasons put forward for their obsession, such as increasing the quality of advice received by the consumer. This is wrong.The removal of or reduction in the level of commission received does not control the quality of the advice received.This belief that the removal of commission somehow enhances the quality of advice is wrong but is the most convenientand simplistic argument to put forward in order to at least falsly appear to be politically fighting for consumer justice.The ASIC Report 413 was entirely constructed and manipulated to produce a desired result and to serve as a catalyst to attack the Life Insurance industry because some elements were seething with rage that it was originally left out of the FOFA legislation. If you were to design a study to try and identify black sheep from white sheep, but made sure that the vast majority of the sheep in the sample group were in fact black sheep, it's simple to calculate what the results were going to be.The fact that the Govt, Kelly O'Dwyer and the media continually refer back to the Storm Financial issue as a reason why commissions must be eliminated for Life Insurance is even more ridiculous.It needs to be remembered that the Financial Services Council in their submission to John Trowbridge on 5th Feb, 2015 clearly supported the Level commission only model, but in later commentary identified their expectations and wishes for no commission at all, again completely justified by claiming a resulting improvement in quality of advice to the consumer.Anyone with any radar at all knows full well the FSC were and are entirely focused on shareholder driven profitability from their membership companies and are dictated to by their membership dollars received by which they fund their operations.They are beholden to their masters and so pursue the agenda required to satisfy them.With the PJC recently suggesting a "random" surveillance of at least 20% of Life Insurance advisers over the next 3 years, it is obvious what the intention is. The intention is to gather as much manipulated and conflicted data as possible by which to put a recommendation forward that LIF has failed and that commission must be removed from Life Insurance products.As a Liberal Govt that supposedly supports small business as the backbone of the country's economy , they are doing a job like no other on the Life Insurance advisers who deliver high quality, meaningful and important financial security strategies and advice to millions of Australian's every day of the week.The Liberal Govt in it's continued pursuit is slowly and deliberately destroying these businesses and the Life Insurance companies sit in silence, without criticism of LIF, without criticism of the false agenda.They are happy to accept new business inflows and happy to know quality advisers are working hard to maintain existing business, but they have treated quality advisers with utter disdain and disrespect and appear more than happy watching from the sidelines.
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