Cris Knell, executive general manager of distribution at Suncorp, says while there is a lot of change going on as the industry transitions to the Financial Services Legislation Amendment Act regime, Suncorp can see the advantages and opportunities that lie ahead.
“This is the conversation we’re having with advisers at the moment. It’s generating more opportunities than threats.”
He started his career as a “high street insurance broker” in the UK before working for AIG and then Suncorp. He said when regulation was introduced in the UK one of the unintended consequences was that, because it was brought in too quickly, some “good people” left the industry. “Customers were not getting as good a service as before regulation.”
Knell said, because change was being enacted at a slower pace here, it should help to avoid that happening.
Knell said, as products became more complex, advisers had a “perfect role” to help people make decisions about them.
“The regulation is making sure that people who are offering advice are appropriately qualified and offering the best advice to people every time,” he said.
The new regime requires level five-equivalent competence from advisers and Knell said all BDMs would do the certificate so they understood what the pressures on advisers are. Asteron could then build its own programme of education around the certificate. “Making sure it supplements what they do.”
Knell said the industry needed to do a better job of getting its story across to people to help them understand the value of insurance. Many people assumed they would rely on ACC should they strike trouble, not necessarily understanding the gaps in that cover.
The industry needed to communicate better about the service delivered and the products. “It’s almost a hidden story.”
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