The corporate watchdog has taken action against one life insurer and banned several advisors in its attempt to clean-up a sector dogged by high commissions and bad advice.
Deputy chairman of the Australian Securities and Investment Commission Peter Kell said there was now a process to reduce commissions and for the industry to offer non-commission policies.
"That will be introduced over the next few years up to 2018 when ASIC will undertake another major review," he told a Senate committee hearing on Thursday.
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