Commission regulation unlikely: Tate
Massey University’s Mike Naylor told Good Returns earlier this month that the Government should set guidelines for financial advisers’ commissions, to help ease the perception that their decisions were influenced by what they were paid.
He said the insurance industry needed to move away from high upfront commissions and provide better trail, to bring New Zealand in line with the rest of the world.
Nigel Tate did not think the Government would want to tackle them because it wanted to encourage advisers to sell more insurance, not less. “That would be way too hard. New Zealanders are all too horribly underinsured and they don’t want to make it worse.”
He said he would like to see the Government legislate for the maximum level of risk brokerage that could be paid. “So we don’t have to rely on the companies, someone would have to be first.”
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