This is a comprehensive report and a constructive contribution to industry reform. We support the intent of the report which is to ensure the accessibility and affordability of quality financial advice and life insurance for all Australians.  It is critical that the life insurance and financial advice industries work to implement sustainable remuneration structures.

A life insurance industry code of practice which binds insurers, licensees and advisers will both improve outcomes for customers and the efficiency of the industry. 

We believe advisers need a choice of insurers and products in the provision of advice to provide a range of options to meet the best interests of all customers.

We are carefully reviewing the report to understand and consider the implications of the recommendations for our customers, advisers and our businesses.