FPA to speak with O’Dwyer on industry reform

Speaking to ifa, chief executive of the FPA, Mark Rantall, said the association has been in frequent contact with the minister's office since the changes to the federal government occurred.

"The FPA wants to discuss with the minister concerns that have been raised by our members including issues of transition and timeframes [of the Life Insurance Framework], as well as the PJC recommendations regarding raising ethical and education standards in the profession," he said.

When asked if the FPA would continue to discuss reforms regarding the life insurance industry with the AFA, Mr Rantall said the association has a "number of issues" that affects its members that needs to be discussed with the minister.

"The Life Insurance Framework was an alternative to the FSI recommendation of level commissions only on insurance and it continues to be a matter that we are waiting for a government response on," Mr Rantall said.

In order to assist its member base with improving the quality of risk advice, the FPA has recently launched a life insurance advice guide.

The guide was developed with input from members and incorporates elements of the corporate regulator's Life Insurance Advice Checklist which was released in Report 413.

"The quality of advice is the primary objective of all FPA members when dealing with the financial futures of Australians. For this reason, we have produced this guide to help members identify and address common omissions and errors in the provision of advice relating to life insurance," Mr Rantall said.