New group may replace FSC
Partners Life, AIA, Asteron Life and Fidelity Life have all resigned from the Financial Services Council in protest at the recently-released Melville Jessup Weaver report, which was highly critical of life insurers’ commissions.
Their departure followed the resignations of AMP and Sovereign.
Fidelity Life boss Milton Jennings said his firm was among a number trying to form a group that would represent those insurers operating with an adviser model.
“We’ll look to bring in those who are in this model rather than doing direct sales or banking.”
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