We do get it: Levy

No you don't get it. Vertically integrated players created all the issues & caused billions in dollars of fee refunds and payment of fines for their indiscretions. Promoting a 2 tier approach to advice doesn't serve the consumers needs. All you are doing is letting the product floggers loose again

I would like to believe you get it,Ms Levy, but I cant, not when you are talking to Treasury & ASIC. We are where we are because of them.

I have seen nothing to indicate that you understand the difference between life risk specialists, stockbrokers, aged services advisers and plain investment-only advisers. I have heard nothing from your many PR stunts and kite flying which indicates you understand that LIF, FASEA and over compliance has resulted in thousands of risk advisers leaving, and a 45% drop-off in new life risk business, putting insurance pools, and industry fund default cover, at risk of market failure.

Have you ever read the commission disclosure in a Risk SOA. Do yo really understand clients don't care how much commission is paid now, or later, but wont pay advice fees for risk strategy advice

And why, instead of proposing the elimination of SOAs, wont you address the issue of the unnecessary CONTENT of SOAs, which your profession, when they advise AFSLs, insist on filling up. NO CLIENT reads a 38 page SOA to buy a term, TPD and trauma policy to protect their family

And relaxing the rules around personal advice just invites the banks back.

So bah humbug, Ms Levy