Risk Insurance commission has to be included in the Statement of Advice in both % and $ terms. What is the responsbility of the AFSL to advise the client of trail commissions on the anniversary or renewing of the policy and going forward? Is it sufficient to nominate in the initial SoA or is there an ongoing responsibility?
You have a responsibility to advise the client of any commissions, remuneration or other benefits whenever you provide a client with a Statement of Advice or Record of Advice. You would generally be providing one of these documents when renewing a risk insurance policy. You have to provide this information in these documents even if the commission information has not changed since the last SOA.