Did you know that you can now capture insurance commission consent details directly against insurance policies in Xplan’s Client Focus?
Under the Delivering Better Financial Outcomes (DBFO) Act 2024, advisers have to obtain their client’s informed consent before any insurance commission can be paid. This consent must be specific, recorded and irrevocable.Â
You can already capture this consent in Risk Researcher as part of the advice journey but you asked us to provide you the option to also record this against each individual policy so, based on your feedback, you can now capture consent details against the Insurance Group, Insurance Group by Cover & General Insurance elements.
For each of these areas, the following fields are now available:
- Commission Consent Status
- Commission Consent Date
Once consent is obtained, you can upload your supporting documentation as a Document Note and link it directly to the Insurance Group element so it’s easy to find in the future.
For more information on this enhancement along with details on how you can report on and include consent in your advice documents, check out this Iress Community post: Meeting DBFO informed consent requirements in Xplan.
