Partners kills its matrix

Partners Life has decided to stop using its COM for advisers as it believes the system may breach the CoFI regulations which are due to come into effect next year.

The COM was introduced in July 2021 as a way of measuring advisers' performance by surveying policyholders.

It was designed to ensure clients understood the advice they were provided, to encourage positive adviser conduct and create good customer outcomes. It was also aimed at early detection of potential issues at claim time.

Partners also tied its commission structure to the matrix, paying high rates of bonus commission corresponding to the scores advisers received.