“Partners Life has begun collecting data from clients about how advisers are performing against its Customer Outcomes Matrix.
This forms part of its new commission structure. Advisers who are shown to be delivering superior service for their clients will receive more remuneration.
The matrix covers six indicators of adviser performance: Customer advice complaints; the initial advice process; replacement advice process; cancellation advice; non-disclosure and misstatements at claim time; and service activity.
Under new rules, insurers will have to be able to show that they have clear monitoring of the conduct of all those involved in the product distribution process, from manufacture to after-sale follow-up.” Click here to read more