FSC “churning” proposal a bitter pill for risk advisers
Most financial advisers are opposed to the Financial Services Council’s proposed Replacement Business Framework measures, with many concerned that the medicine may prove worse than the malady. The reforms designed to stop the practice of insurance “churn”, as proposed by the FSC in a recent consultation paper, have divided the industry, with many experienced life-risk specialists warning they may result in unintended negative consequences for clients.
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