FMA says it's not lobbying for ban on life insurance commissions

He appeared before the Economic, Development, science and Innovation Committee.

It comes after the Reserve Bank and Financial Markets Authority released the results of their conduct and culture report into life insurers, and the Government announced a planned crackdown on incentives that created poor customer outcomes.

Commerce Minister Kris Faafoi has said that is likely to include high life insurance upfront commissions and overseas trips.

But the FMA has since worked to clarify that its report was primarily on insurers and their processes for managing conduct risks, not the advisers.