Industry can't fix itself: MJW

The actuarial firm completed a report in November for the Financial Services Council (FSC), which was heavily critical of insurance advisers’ commissions.

It said they were driving poor outcomes for consumers, encouraging churn and boosting premiums.

In the fallout from the report, a number of the FSC’s insurer members quit the organisation. It has since lost its chief executive.

Now, MJW has submitted on the Ministry of Business Innovation and Employment options paper on the Financial Advisers Act review and says the industry needs reform, to remove the conflict of interest created by advisers working on commission.