The CEO of the AIOFP, Peter Johnston, reports on the visit to London.

As you may know a small delegation from the Bangkok conference visited London to meet with some key people about industry issues that will affect us in Australia –

• We met with the High Commissioner’s economic staff at Australia House on Strand, fair to say they expect a ‘soft landing’ with the UK and European economies. The Australia House building is magnificent.
• We met yesterday with the Head of Metlife in the UK and learnt that risk commission has increased to a maximum of 280%/5% renewal after a 4 year obligation period [yes up from 240% in 2019…..] and there is new legislation enacted on Monday around a form of a best interests duty and DDO.
• Looks like we are cooperating with the UK on many fronts except the risk commission level at this point in time. We have gathered valuable information that will assist us to push for a return to pre LIF commission conditions over the next 12 months.
• We meet with SWISS RE today about the PI market in the ‘Green Gherkin’ building.
• Finally, our meeting with Royal family preferred advisers COUTTS & CO [minus their CEO Peter Flavel who resigned over night due to ‘Nigel’] will still proceed with a presentation in their Board Room over lunch today. Peter is a former South Australian who got caught in the political cross – fire it seems.