Fidelity joins FSC exodus

Fidelity Life chief executive Milton Jennings said his organisation was committed to building an alternative forum to bring about positive change for the industry.

Partners Life, Asteron Life and AIA have already quit over the MJW report into life insurance commissions, released today. Sovereign and AMP earlier tendered their resignations.

Jennings said the company was committed to working to advisers and for the future of the industry but the past week had forced him to take stock of Fidelity's FSC membership.

"Our preference was to stay at the table in order to facilitate discussion that would ultimately benefit advisers and the greater industry. Regrettably, however, this has now become untenable."