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New Zealand government looks to ban commissions for insurance brokers

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The New Zealand government, in its review of the Financial Advisers Act and the Financial Service Providers Act, is considering banning insurance brokers and advisers from receiving commissions, reports Asia Insurance Review citing Interest.co.nz.

Several financial advisers "are either partly or wholly paid by commissions that are paid by product providers," said the country's Ministry of Business, Innovation and Employment.

"These commissions can create a conflict of interest for the adviser; incentivizing them to advise that their client buys a particular product," added the ministry.

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