Dover’s view of the LIF Reforms
The de-commissioning of the life insurance industry is an emotional issue.
These emotions are reflected in the public clashes between the Association of Independently Owned Financial Planners, the Financial Services Council and the Association of Financial Planners. This article in Money Management on 14 July 2015, and its eleven comments, gives some idea of the extent of the emotions involved: AIOFP alleges ‘institutional sell-out’ on life/risk.
Dover does not want to be involved in an emotional debate about the rights or wrongs of different remuneration models. Dover is an agnostic observer. It is not a player or an advocate. It has not submitted any arguments or made any public appeals for change to the Trowbridge reforms. And it will not do so.
Dover’s sole point of interest is informing its advisers of the changes and what they need to do to give great client service by satisfying:
- their statutory duty to act in the best interests of their clients
- their statutory duty to provide advice that is appropriate to their clients
- their statutory duty to prioritise their client’s interests over their own and
- their common law duty of care.
While at the same time maximising their profits, their net cash flow and their practice values, because great client service cannot happen without reasonable adviser profits.