Our story last week raising the prospect of insurance company clawbacks after the government’s Covid-19-related wage subsidies have ended struck a nerve with financial advisers.
The issue is that while the government is handing out wage subsidies now, it won’t be until later in the year that some advisers could face a loss of income due to their clients cancelling policies now.
In last week’s poll we asked if you are concerned about commission claw-backs. While 8% said they aren’t sure, 32% said they’re not concerned, but 60% of those who voted admitted it is an issue that worries them.
The issue was raised with Commerce and Consumer Affairs Kris Faafoi during a webinar organised by Katrina Shanks, CEO of Financial Advice NZ, but his answer wasn’t specific.
Our poll is open for another week, and we welcome your opinion if you haven’t cast your vote yet…
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%)
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