AMA: I'm Phil Anderson, GM Policy, Advocacy & Standards at FAAA, Ask Me Anything!

Thanks Fosca. The big win, although this is limited to those advisers who are on ongoing fee arrangements (which excludes those who have switched to 12 month fixed term agreements), is the removal of FDSs. I would suggest that those who are on 12 month fixed term agreements have reason to go back to ongoing fee arrangements to leverage the benefit of 150 days after the anniversary for clients to renew. They would no longer be bound by a requirement to get clients to renew before they get to the 12 month point. Another important win was the ability to move anniversary dates. I also think that we now have the chance to rationalise the fee consent process, via the development of a standard mandatory form. Ideally this will, before too long, become a digital process, where clients can approve an ongoing fee arrangement via clicking a button on an App on their phone.

There is merit in the ability to provide FSG information on websites, however I expect that licensees will be reasonably careful with the implementation of this.

There was nothing much of great interest in the Conflicted Remuneration changes and the client consent requirement for risk advisers, is really just locking into law something that is already a business practice. This is a once off consent and does not need to be provided to the life insurer.