This update is intended as a general overview, targeted specifically at claims officers and underwriters of insurers of professionals required to comply with the Future of Financial Advice (FOFA) reforms.
WHAT IS IT?
Conflicted remuneration has a broad definition. It includes commissions and volume based payments, in relation to the distribution of and advice to retail clients. It also includes non-monetary benefits.
The ban applies to both general advice and personal advice, however there are specific carve outs for remuneration provided in relation to general insurance, basic banking products and life risk insurance products.
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