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J-P Hale

I think it was a good day for advisers and advice businesses with these announcements.

The majority of professional advised will welcome some balance with the changes happening that mean smaller advice businesses have a better footing to compete with the big boys, and ensure that access to the market for consumers is not unreasonably restricted.

The announcement from government that commission in an acceptable yet to be determined form is here to stay also gives comfort that many of the present rem models have a place. Which is also comforting we don't have a government hell bent on repeating the mistakes our neighbours have made.

It also suggests that they have listened to the overseas research that says fee based insurance advice achieves the opposite of what the government intends.

Fee based approaches with banning of commissions in other markets has resulted in less access to advice, less advisers to give the advice, increased costs of advice, and also little to no change in premiums people pay while being less insured and more exposed to social support from the government.

What is also interesting is the comparisons on commissions given by the detractors don't include our main trading partners in comparison, commission discussions include countries like Israel but exclude South Africa and the UK.

Why? Because they don't support the intended dialogue by including them.

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