BT Financial Group has added two new insurers to its salaried bank channel advisers’ approved product list (APL), following concerns previously expressed by the Parliamentary Joint Commission regarding lack of diversity among major institutions' APLs.
The company announced in a statement it will add AIA Australia and TAL to the APL for BT Financial Advice by 19 March 2018, bringing the total number of available insurers on the APL to three, alongside Westpac Life.
BT Financial Group general manager of advice and private wealth Jane Watts said the selection of TAL and AIA had followed a “rigorous selection process” with input from Deloitte.
“Ensuring clients receive high quality advice and the right protection cover that meets their needs is our priority,” Ms Watts said.
“We are confident these products meet the quality standards we expect and our clients demand. We are committed to ensuring we support our advisers in providing advice that is in the best interests of our clients.
"All of our advisers will receive training on the new products so they can continue to meet their clients’ needs for high quality advice and protection," she said.
Furthermore, Ms Watt added that the company would “regularly monitor” the APL to ensure it meets clients’ best interests.
In November last year, BT Financial Group confirmed Westpac Life was the only insurer included on the APL for the business’ salaried bank channel advisers, after the Parliamentary Joint Commission into Corporations and Financial Services raised concerns with the Australian Securities and Investments Commission deputy chair Peter Kell that APLs may lead to conflicts of interest for vertically integrated businesses.