Advisers switching to 'hybrid' offer

The structure is designed to discourage churn and boost sustainability.

The company made headlines in Australia this week when it revealed it was trying to get more advisers there to sign up for the system.

It said that 80% of business there was being written on upfront commissions of 115%. To counteract that, it was offering an extra 10% on top of the 72.5% that was offered under the hybrid deal.

The extra commission will only be paid on electronic applications because the company said that paper applications tended to have up to a quarter of their information missing.