Skip to main content

Individuals

Search

Back to Top

Royal Commission next steps for the industry

24 April 2019

By Damien Mu

In February’s Adviser News, we advised that we were reviewing the Royal Commission’s findings and recommendations, and stated our commitment to the advice industry. That article can be found here.

We want to reinforce that commitment to you, and talk about what we see as the next steps in supporting the great work that you do to service Australians and what we do together to make a difference when they need it most.

Looking at the recommendations holistically and based on previous experience and learnings, we believe there is a clear need to develop a strong and united industry voice to advocate for the quality of risk advice, better value and choice for consumers, and the importance of appropriate adviser remuneration, including supporting the existing legislative framework for commissions and remuneration.

Damien Mu

As an industry, we need to continue to build awareness amongst policy makers, the media and consumers of the value of risk advice, supported by evidence and real examples of customers that benefit from the great work that we do.

The action we will be taking will centre on engaging directly with key stakeholders, advocacy, and carrying out research to support the future sustainability of the industry. We will also then arrange a series of events that will elevate the issues of adviser remuneration and the importance of supporting the commission framework and ensuring risk advice remains accessible for as many Australians as possible.

We will provide more information about these in Adviser News in due course.

The value of advice and advisers will be a priority issue for AIA Australia in 2019. We want to deepen our partnership with you, so that we can collectively advocate for the advice industry.

We welcome your feedback on how we can better assist with the efficiency of the provision of advice, how we might improve or simplify our product design and disclosure, and more broadly how we can better support you.

Thank you for all the great work that you do, and the critical role you play in looking after every day Australians.

As always, if you have any questions, feel free to get in touch with your contacts within AIA.