Fidelity Life chief executive Milton Jennings said his organisation was committed to building an alternative forum to bring about positive change for the industry.

Partners Life, Asteron Life and AIA have already quit over the MJW report into life insurance commissions, released today. Sovereign and AMP earlier tendered their resignations.

Jennings said the company was committed to working to advisers and for the future of the industry but the past week had forced him to take stock of Fidelity's FSC membership.

"Our preference was to stay at the table in order to facilitate discussion that would ultimately benefit advisers and the greater industry. Regrettably, however, this has now become untenable."

Jennings said the company would now focus in working with industry partners to establish a forum that encouraged collaboration and would drive the best outcomes for consumers, advisers and the industry.

"We welcome any review of the industry that brings about a better outcome for consumers and encourages the use of advisers to buy financial products. To support this we are progressing the set-up of an industry forum which will bring together like-minded insurance professionals to work together and ensure positive outcomes for the industry and ultimately protect consumers with a reputable, unbiased, industry-wide advice model."

He said the advice channel was valuable to consumers.