From www.professionalplanner.com.au: Coalition MP Bert van Manen and former NSW Premier Nathan Rees have advocated for the removal of commission caps on risk insurance during the Professional Planner Advice Policy Summit, citing the current caps as a barrier to adviser numbers and affordability.

Rees argues that unlike other financial products, life insurance distribution should not have government-determined pricing, while van Manen suggests more flexibility, potentially adopting an 80/20 model initially.

A poll during the summit showed over half of the attendees supported altering the commission structure, reflecting a desire for reform in the life insurance sector’s remuneration model.