Shadow assistant treasurer and shadow minister for financial services Stephen Jones reaffirmed his view that insurance commissions are inherently conflicted and should be banned at the AIA 2021 Adviser Summit digital conference.
Answering questions during a fireside chat with conference host Andrew Klein, Jones took it upon himself to frontrun any questions about the Labor party’s stance on the issue.
“I think Ken Hayne used the analogy that you can’t stand with one foot in one canoe and the other foot in another canoe, you’ll end up in the water. And conflicted remuneration is a problem, that’s the position I start with,” Jones said.
The AFA has proposed a working group be established containing representatives from Treasury, the regulator and industry to keep abreast of regulatory developments in its submission to ASIC's consultation on advice access.