Partners Life has provided more information on the upcoming Customer Outcome Matrix reporting and commission changes. Current bonus rates will remain in place until 30 September 2021 to ensure advisers have time to prepare and adapt before bonus commission rate changes are implemented on 1 October. Partners Life has noted that this adaption period is sufficient for advisers to understand the Customer Outcome Matrix process. Partners Life has also noted that they are in the process of completing changes to ensure regular reporting on Customer Outcome Matrix results.
“We have always maintained that we have wanted to provide at least 3 months visibility to the COM reporting prior any Bonus Commission changes coming into effect, allowing you sufficient time to review your own reporting and to be able to understand the feedback and how this relates to your engagement and servicing of clients.
We have continued to make good progress and are nearing the completion of the implementation project.
Given the material changes associated with COM, and with the many other industry changes that are occurring, we have however, made the decision to extend the ‘Go-live’ date for potential bonus rate changes to 1 October 2021.
We are confident that this will not only provide a robust reporting period to allow you to understand and get comfortable with the COM data but will also allow you to continue to encourage your clients to expect and participate in the COM survey process.
We will further underpin your current bonus rates until 30 September 2021 to provide you with an appropriate period of time to understand and adapt to the results of the COM.
We are close to completing the necessary changes to MPL to provide you with regular reporting on your COM results from your MPL dashboard. We envisage this being available towards the end of April.
Full implementation of COM, including the Bonus Commission levels, will now commence on 1 October 2021.”
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