The CEO of Financial Advice New Zealand, Katrina Shanks, is worried a spike in cancelled policies will cause commission claw-backs at a time when the government’s wage subsidy scheme has ended. Leaving financial advisers vulnerable later in the year.
She raised the issue with Commerce and Consumer Affairs Kris Faafoi during a webinar on Tuesday and his answer wasn’t as comforting as some might have hoped.
How concerned are you about an economic contraction causing you indirect financial loss?
Are you concerned about commission claw-back issues for your business as a result of a potential spike in policy cancellations brought about by the Covid-19 pandemic?
- Yes (62%)
- No (30%)
- Not sure (8%)