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Last Article Uploaded: Wednesday, November 25th, 5:05PM
Latest Headlines

Commissions report gets no traction with MBIE

[UPDATED] The contentious Melville Jessup Weaver report into insurance adviser remuneration structures might have been an expensive waste of money.

Wednesday, November 25th, 1:51PM

The report, commissioned by the Financial Services Council and released on Monday, was intended to form part of the discussion of the review of the Financial Advisers Act, which is under way.

It was highly critical of upfront commission rates, which it said were driving poor consumer outcomes and adding unnecessary cost to the insurance industry.

But it was released just days before the options paper for the review, which all but ruled out any such changes to commission structures ...MORE»

RFA standards set to lift

Wednesday, November 25th, 8:37AM  2 comments

[UPDATED] An options paper that will guide the review of the Financial Advisers Act has been released. It seems virtually certain that RFAs can expect their regulatory obligations to increase - although a ban or restriction on commissions is not a "preferred option".


New group may replace FSC

Wednesday, November 25th, 5:00AM

Work is under way to form a new industry body that would represent life insurers who distribute product via advisers.


FSC report a missed opportunity: Naylor

Advisers would see their incomes and business values slashed if recommendations made in a new report on the industry were enacted, one academic says.

Tuesday, November 24th, 6:00AM  3 comments

The Melville Jessup Weaver report on life insurance commissions was released on Monday, paid for by the Financial Services Council.

MJW approached the FSC with the idea for the report after a similar one was produced by John Trowbridge in Australia.

The MJW report says high upfront commission rates are driving churn and inappropriate product replacement by advisers. It recommends a new commission model of 50% upfront and 20% trail, instead of up to 200% upfront and about 7 ...MORE»

MJW missed their chance

Tuesday, November 24th, 6:00AM  13 comments

Michael Naylor, of Massey University, unpicks the Melville Jessup Weaver report into life insurance distribution.


Fidelity joins FSC exodus

Monday, November 23rd, 3:27PM  4 comments

Fidelity Life is the latest insurance company to resign from the Financial Services Council.


MJW report scores a D

[OPINION] Despite all the money spent on the MJW report and all the discussion the authors had with people in the life insurance industry its conclusions are flawed. Unfortunately though some may take the findings seriously.

Monday, November 23rd, 6:44AM  12 comments

Good on the life insurance company members for having a crack at trying to solve the issue of churn in the industry. Pity about the outcome though - the controversial and already discredited Review of Retail Life Insurance report written by Melville Jessep Weaver.

The report is a fail when it comes to achieving the goal. And the Financial Services Council, was the wrong body to try and solve the issue ...MORE»

Report slams life insurance conflicts of interest

Monday, November 23rd, 5:00AM  3 comments

The highly-contentious, MJW report into life insurance advisers’ remuneration is out. It has seven key recommendations including slashing commissions and banning overide payments to dealer groups. 


Report tore apart FSC

Monday, November 23rd, 5:00AM  3 comments

A disclaimer on a report issued today by the Financial Services Council shows how divisive it is.


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Commissions report gets no traction with MBIE

Wednesday, November 25th, 1:51PM

[UPDATED] The contentious Melville Jessup Weaver report into insurance adviser remuneration structures might have been an expensive waste of money. MORE»

Mortgage Centre Sponsored by: 

The Co-operative Bank looks long

Wednesday, November 25th, 8:45AM


Insurance Centre Sponsored by: 

Southern Cross tackles fraud

Wednesday, November 25th, 6:00AM

Southern Cross has launched a phone line for people to dob in those they suspect of insurance fraud, but it says it does not have any concerns about advisers. MORE»

Regulation Sponsored by: 

Hundreds offer FAA review input

Monday, October 12th, 6:00AM

Hundreds of people have made their views on the Financial Advisers Act heard. MORE»

People and Events Sponsored by: 

Sovereign boss quits

Tuesday, November 24th, 11:15AM

Symon Brewis-Weston is standing down as chief executive of Sovereign. MORE»

Deposit Rates Sponsored by: 

Turners looks to boost MTF stake

Monday, September 14th, 4:35PM

Turners is making an offer to buy shares in Motor Trade Finances (MTF) through its subsidiary Turners Finance Limited. MORE»


FMA raises KiwiSaver bar

Wednesday, November 18th, 6:00AM  5 comments

KiwiSaver providers are focusing more on pushing products than providing advice to ensure their members are in the right funds, the Financial Markets Authority says. MORE»

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Latest Comments
  • MJW missed their chance
    “Excellent comments Michael Naylor. I often agree with your insights and analysis, although do hold different views occasionally...”
    5 hours ago by Tony Vidler
  • MJW report scores a D
    “Justalifeinsurancesalesman this is the type of detail the Minister would like to see. If you add some further details to...”
    9 hours ago by AdviserMan
  • RFA standards set to lift
    “I do not want to hear anything Neilson might say, until the FSC takes a position on the MJW report. Quite frankly he...”
    11 hours ago by Dirty Harry
  • MJW missed their chance
    “Innocent, some do complain. Some have seen the growth in, and somewhat lower cost of, their "tied" (contracts) and captive...”
    11 hours ago by Dirty Harry
  • RFA standards set to lift
    “The Minister has a clear, educated, and balanced approach to the issues being lobbied, oops I mean discussed with the Government...”
    11 hours ago by AdviserMan
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