Claim associations silent as advisers become casualties
The spotlight is on the sector at the moment thanks to the Financial Markets Authority (FMA) and Reserve Bank report into life insurers, and the Government’s plan to crackdown on sales incentives in financial services.
The regulatory crackdown was discussed at a recent Stakeholder Engagement Group (SEG) meeting, which brings together a number of adviser associations.
But adviser Murray Weatherston, who represents SiFA in the group, said no one seemed to want to take the lead publicly to fight in advisers' corner.
"I find it ironic at a time when the Reserve Bank and FMA, apparently without authority, have launched a massive attack on the industry, individual insurance companies and adviser organisations that represent mortgage brokers and life agents, who are so clearly going to be casualties of the attack, are just completely silent. That staggers me."
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