Advice Designer's advice documents have been updated to include additional disclosures for insurance commissions in accordance with informed consent regulations. (ASIC: FAQS - Informed consents for insurance commissions)
These changes will automatically populate within relevant sections when insurance commissions are applicable.
Cost of Our Advice Section Updates
Implementation Table
When the Fee Subtype [Insurance - Initial Commission] is included, the following text will be displayed automatically:
Upfront commission for the insurance product(s) is paid on acceptance of the policy and payment of the initial premium.
Ongoing Remuneration Table
When the Fee Subtype [Insurance - Renewal Commission] is included, the following text will automatically appear:
Ongoing commission for the insurance product(s) is paid in line with the frequency of your premium payments. For example, if premiums are paid monthly, the ongoing insurance commission will also be paid monthly.
Please Note Section Updates
When insurance commissions are applicable, an additional disclosure point will automatically appear:
Before we can receive a commission for the insurance product(s), the law requires that we obtain your informed consent when signing the Authority to Proceed. If you choose not to provide consent, we may not be able to proceed with providing advice and/or implementing the advice; or we may need to charge a separate fee for the services provided.
Authority to Proceed Section Updates
When insurance commissions are applicable, a new bullet point will automatically appear:
[We/I] understand and give [our/my] informed and irrevocable consent for [Licensee Name] to receive applicable commission(s), that will remain in effect for the life of the policy.
💡Important: No Action Required
The above changes have been implemented automatically across the system. No manual updates to existing templates or user profiles are required.