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Code compliance- Managing Conflicts of Interest in Insurance

Code compliance- Managing Conflicts of Interest in Insurance
Alan Rafe has developed for the insurance sector and powerful research tool to enable you to match your client's risk needs with tailored product.

Alan will be demonstrating how to document your advice and structure your Insurance Statement of Advice or Record of Advice to ensure you can robustly defend your recommendations and demonstrate how you have considered and managed any conflicts of interest - especially regarding remuneration and commissions from the products you are recommending.

The draft 'Financial Advice Code' was released October 2018 by the Code Working Group (CWG)  Draft Code Standard 3 requires a person who gives financial advice to have "arrangements in place to manage conflicts of interest".

The CWG, in this initial draft of the Code, requires advisers to manage conflicts by identifying them and to 'adequately disclose conflicts of interests'. 
It appears the identification and adequate disclosure of conflicts - is alone sufficient.  
The draft is silent regarding the adviser's requirement to actively 'consider' conflicts or to demonstrate a process to place the client's interests first.
(e.g. provide evidence that the advice given is in the client's best interests via a process of product or service comparison)

Further, MBIE have yet to provide the sector details on the draft disclosure regulations around conflicts of interest. 

We are awaiting further clarification and guidance from both the CWG and MBIE around requirements on advisers regarding managing Conflicts of Interest.
For these reasons this webcast has been now postponed to 11am Wednesday March 6 2019 
Please register for this event using the link below.

CPD Value : 1 hour
Learning area: Risk
Level: Foundation
6/03/2019 11:00 AM - 12:00 PM
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