Malcolm Papworth completed the two years in the role of Chair that he said he would do at the outset, so Robbie Schneider took up the mantle of Chair at the AGM. Sheryl Glasse also stepped down after six valuable years of contribution on the Board. Both have been excellent directors for the TripleA but leave the Board with a good mix of experience and newer members that will bring fresh thinking and ideas to the table.
As I draft this, the latest commentary from the FMA and Reserve Bank is out in respect to the insurance industry’s responses to their requests for information. The supervisors’ views are fairly scathing and there continues to be a strong focus on commissions and other incentives. We expect this will flow through to advisers in terms of changes in these areas over the coming period.
To get started, working your way through their very useful “FAP Toolkit” will be a good exercise. It lays out the key timelines you need to be aware of and a host of issues and questions you need to consider. Get a copy of the toolkit here.
Some members may have been affected by the changes at AMP, in particular with the Quality Advice Network and use of Xplan. Check out an alternative software option to Xplan that is worth having a look at.
Not a lot else to report on at this stage as we start the run in to Christmas and a well-deserved break for everyone, I’m sure.
Once again, I’d like to welcome the new members to the TripleA.
Wayne Smith, CEO