Partners Life to pay override commission to advisers

Naomi Ballantyne

Partners is no longer paying override commissions to dealer groups. This is likely to have a major impact on some groups which relied on these commissions to run their businesses.

These payments, and fixed dollar marketing support, will stop on July 1.

Instead the life company will pay overrides to FAPs and payment will be made based on customer outcomes including initial advice and replacement advice process, cancellation advice, non-disclosure and misstatements, service activity and customer advice complaints.

“We are redirecting all previous over-riders and fixed dollar support payments into FAP over-riders (FAPOs) which will be payable to FAPs.”