BT Financial Group is considering expanding the number of insurance products available on its new platform, Panorama.
Speaking in Sydney last week to provide an update on the development of its new platform, BT general manager of platforms and operations John Shuttleworth said while the wealth manager currently has two insurance providers available through its platform – BT and AIA – it is open to the idea of making more available.
“We are constantly reviewing, particularly given Trowbridge and everything, on whether or not we’ll end up expanding that menu as we are open architecture in investments and quite often you will get questions around whether or not you should have an open architecture on other areas,” Mr Shuttleworth said.
“We are looking at [expanding the APL] and it is largely around the pricing and making sure the terms and conditions are something that are very competitive.
“But we have the ability to add multi insurers,” he said.
Previously, LIAWG independent chairman John Trowbridge called for all licensees to have at least half of the 13 possible life insurers available on their approved product lists.
However, the Life Insurance Framework has left a question mark next to this point.
The proposed reforms framed by then Assistant Treasurer Josh Frydenberg noted, “Government to consider measures to widen approved product lists by July 2016”.
Simon Swanson, managing director of ClearView, has been a strong advocate for the opening up of approved product lists, arguing that poor advice comes from a culture which has “[permeated through very narrow [APLs]”.
“Our view is, if you are vertically integrated it should be a requirement that you have every life insurer on your APL,” Mr Swanson said.