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The persistent and relentless obsession by the Govt in relation to commission is becoming discriminatory and unhinged.
The instigation of this obsession commenced with the ASIC 413 Report.....a deliberately manufactured assessment with a pre-determined outcome looking for the right result.
It was akin to a study assessing the prevalence of Cancer using a sample group of Cancer sufferers and then spouting the findings to the world.
From there the process simply became a work of deceit and ideological creation driven by the FSC in a bid to reduce a competitor (adviser) in the distribution of their product and to maximise profit and shareholder value.
It was a clear case of the misuse of market power and cartel like behaviour in order to gain an advantage in distribution.
Of course, that was before the direct insurance business was really investigated and still requires significant scrutiny.
The press releases issued by the FSC at the time, including their 5th Feb, 2015 submission to the Trowbridge Review told the story loud and clear as to their intended position.
The relationship between Sally Loane and Kelly O'Dwyer was always interesting , but prior to that it was even more suspicious as to why the FSC made direct political donations to O'Dwyer's Higgins Electorate conference in 2012 and 2013.
The process of LIF was flawed and based on incorrect data and was simply a case of O'Dwyer just caving in to something, rather than really assessing the benefit to the consumer.
The number of times O'Dwyer stated that reducing commissions would result in " enhanced consumer outcomes" without any form of justification was mind numbing rhetoric.
This is a journey that has been completely manipulated from the start to present day.
A healthy risk advice profession is good for all concerned including the consumer first and foremost.
With all the compliance controls, best interest duty and safe harbour provisions regarding advice and with strict overarching control processes from product manufacturers in relation to adviser submitted business , the level of commission payment to high quality advisers should be healthy, profitable and sustainable.
Quality advice isn't enhanced or increased by reducing the level of remuneration received for providing that advice to an unsustainable level.
If it is, it is destined to failure and that benefits no-one.