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Fidelity Life cuts trips for advisers

Insurance advisers will soon no longer be able to access offshore incentives from any major life insurer in this country.

Tuesday, December 4th 2018, 7:54PM

Fidelity Life has confirmed it will end its Partnership Programme of overseas conferences for high-performing advisers.

Next year’s will be the last in its current format.

“The insurance industry is undergoing fundamental change and we are mindful of evolving public expectations. We support a model where customers’ interests come first. Ultimately our goal is to set the industry up for a sustainable and successful future with the customer at the centre of everything we do,” the insurer said in a statement.

It follows AMP, AIA and Sovereign, Partners Life and Asteron Life to make the move.

In April, Fidelity signalled changes were coming, saying that its adviser recognition programme was evolving to emphasise education, professional development and corporate social responsibility - not focus on sales.

It also encourages advisers to move to a structure of more trail commission and lower upfronts.

The Financial Markets Authority has warned that many of the soft commission schemes in the market will be untenable once the new financial advice regime comes into force.

Tags: Fidelity Life soft commission

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