In late 2013 the Australian Government announced the appointment of former CEO of the Commonwealth Bank, David Murray, to oversee a broad inquiry into the Australian financial system. Throughout the 12 months of the inquiry, the AFA made three submissions and attended a number of consultation meetings. The 350-page final report was released on 7 December 2014, making over 40 recommendations.
The most relevant recommendation was the proposal that commissions on life insurance should be limited to level commission terms. Unfortunately the inquiry did not consult with advice associations on this key recommendation.