Mr Trowbridge, who is independent chairman of the LIAWG and who prepared the report, said: “Engagement by the industry and the broader community has been very encouraging. Submissions have been received from a wide range of stakeholders including insurance companies, adviser groups, individual advisers, consumer advocates and other interested parties.”

The submissions address four critical areas identified by Mr Trowbridge in his interim report

• the quality of advice
• remuneration and other adviser incentives
• insurer practices and product offerings, and
• industry productivity.

“The scope and quality of submissions has been outstanding. Many have offered views, opinions and suggestions but many have also provided valuable information and analysis, both qualitative and quantitative, on a range of aspects affecting those businesses and individuals that provide life insurance financial advice and the life insurance business itself,” Mr Trowbridge said.

Mr Trowbridge will produce a final report for the LIAWG which will include recommendations for change. The report will be made public and is expected to be handed down at the end of March 2015.

“There is a genuine commitment from the industry to solve some complex issues. The ultimate aims are to ensure quality advice for consumers and improved insurance coverage across the community. These aims will guide assessment of the submissions and formulation of recommendations,” Mr Trowbridge said.

Click here to download the Report.

The post Trowbridge Review on Life Insurance and Advice – more than 130 submissions received appeared first on AdviserVoice.