This consultation paper is for regulation on investment products. I suggest that the regulation should make clear that life insurance products that provide only insurance protection (and do not have any saving or investment return) do not require to have any adviser.
This will allow life insurance products, such as term insurance, accident insurance and medical insurance, can be marketed without the involvement of a financial adviser. This will reduce the cost of distributing the simple insurance products.
It also avoids the conflict of interest, where unethical advisers may influence the consumer to buy an unsuitable product that pays a bigger commission to the adviser.
Tan Kin Lian